Bank of America (NYSE:BAC)
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Paulson & Co.'s Robert Lacoursiere has quit to form his own hedge fund, according to a person familiar with the matter.
Lacoursiere, who specializes in picking financial stocks, was a partner and head of the global bank team at Paulson. Before that he was a research analyst at Bank of America Securities, a unit of Bank of America Corp. (BAC) and a vice president of financial strategy at Capital One Financial Corp. (COF).
Paulson's fund, famous for making billions by shorting subprime mortgatges right before the financial crisis, posted record losses last year after a bet on economic recovery got hit hard by a sell-off in gold and steep declines in bank stocks.
The fund sold its entire stakes in Bank of America and Citigroup Inc. (C) in the fourth quarter, 64 million shares and 25 million shares, respectively. Stocks of both banks have rallied this year, and are currently up 46% and 35%.
Lacoursiere's move was previously reported by CNBC.
-By Liz Moyer, Dow Jones Newswires; 212-416-2512; [email protected]