SkyBridge Strikes Deal For Citi Hedge Fund Businesses

Apr 14 2010 | 11:18am ET

Hedge fund seeder SkyBridge Capital will buy Citigroup’s fund of hedge funds business, instantly boosting its assets under management fourfold.

The New York-based firm will add Citi Alternative Investments’ fund of funds, hedge fund seeding and advisory businesses, with a combined $4.2 billion in assets under management or advisory. More than 20 Citi employees, including the head of the business, Raymond Nolte, will join SkyBridge.

Terms of the deal were not disclosed.

“The integration of a fund of hedge funds business is a natural fit with the SkyBridge platform,” founder Anthony Scaramucci said. “Citi’s proven investment capabilities and comprehensive suite of fund of funds products combined with our entrepreneurial culture, marketing, risk management and operational expertise creates an entity with significant growth potential.”

Citi is under pressure by the federal government to sell off its non-core businesses, including the fund of funds businesses. Last month, it sold its real-estate investment business to private equity firm Apollo Management, and still plans to sell its private equity unit.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...