Citigroup Inc. (NYSE:C) will pay $425 million to resolve the charges that it attempted to manipulate benchmarks for interest rate products multiple times between 2007 and 2012. The charges were put forward by U.S. Commodity Futures Trading Commission, which announced on Wednesday that Citigroup will pay $250 million to settle the charges regarding ISDAfix, a global interest-rate benchmark, and $175 million to settle the alleged manipulation of London Interbank offered rate. In a statement, Citigroup’s spokeswoman said that the settlements is a significant step in the resolution of legacy benchmark investigations. She said that Citigroup has invested heavily to improve its controls and monitoring processes to avoid any inappropriate behavior.
Citigroup Inc. (NYSE:C) was in 101 hedge funds’ portfolios at the end of the first quarter of 2016 and the company witnessed a decrease in activity from the world’s largest hedge funds of late, as there were 106 hedge funds in our database with holdings in Citigroup at the end of the previous quarter. At the end of this article we will also compare Citigroup to other stocks, including Altria Group Inc (NYSE:MO), UnitedHealth Group Inc. (NYSE:UNH), and HSBC Holdings plc (ADR) (NYSE:HSBC) to get a better sense of its popularity.
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According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Boykin Curry’s Eagle Capital Management has the biggest position in Citigroup Inc. (NYSE:C), worth close to $1.0913 billion, accounting for 4.6% of its total 13F portfolio. Coming in second is Hound Partners, led by Jonathan Auerbach, holding a $572.4 million call position; the fund has 15.6% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors that are bullish contain Ken Fisher’s Fisher Asset Management, Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC and Ric Dillon’s Diamond Hill Capital.
On the next page, we are going to present some more smart money activity surrounding Citigroup’s stock.