Tuesday, 21 October 2014
Last updated 8 min ago
Mar 10 2010 | 11:09am ET
Private equity firm Apollo Management will buy Citigroup’s real estate investment business. The New York-based firm signed a letter of intent to acquire Citi Property Investors, which has $3.5 billion in assets.
The deal, which is expected to close within three months, will more than triple Apollo’s real-estate assets. The p.e. firm does not plan major layoffs at the Citi unit following the acquisition.
The purchase also reunites Joseph Azrack and CPI. Azrack led the group from 2004 until 2008, and now works on Apollo’s real-estate platform.
Citi has been under pressure from the U.S. government—which owns 27% of the bank—to sell off more than $500 billion in assets. The firm is also in advanced talks with hedge fund seeder SkyBridge Capital about its fund of hedge funds business. Citi also plans to sell its private equity unit.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...