Wednesday, 25 November 2015
Last updated 2 hours ago
Feb 24 2010 | 3:36am ET
Citigroup and hedge fund seeder SkyBridge Capital are in advanced talks about the former’s fund of hedge funds business.
Under pressure from the U.S. government, which owns a 27% stake in Citi, the Wall Street giant is selling off more than $500 billion in assets. A sale of the $4 billion fund of funds business is part of Citi’s plan to sell, spin-off or close several alternative investments businesses.
Citi’s Hedge Fund Management Group includes about $2.5 billion in hedge fund assets advised by Citi, $1 billion in fund of funds assets and $500 million in seed capital investments.
As part of the proposed deal with SkyBridge, the management team of the Citi unit would continue to oversee the assets, The Wall Street Journal reports. SkyBridge currently manages about $400 million and has investments in seven hedge funds.
It is unclear how much SkyBridge would pay for the group. The deal has yet to be finalized.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…