Friday, 29 July 2016
Last updated 1 hour ago
Apr 26 2010 | 12:09pm ET
Fresh from its deal for three Citigroup hedge fund businesses, SkyBridge Capital is expanding in another way.
The New York-based hedge fund seeder has opened an office in Zurich, Switzerland, and launched a Luxembourg-domiciled fund. The firm aims to raise US$500 million for the vehicle, its third seeding fund, which it plans to close at the end of the year.
The Zurich digs are SkyBridge’s first foothold in Europe. It will be headed by firm chairman Thomas Gallagher, who plans to add three or four investor relations and manager selection professionals this year.
Switzerland’s largest city “offers a perfect combination of large numbers of high net-worth individuals, family offices, private banks and institutions providing new capital for seeding hedge funds together with a base to source talented emerging hedge fund managers,” Gallagher said.
Earlier this month, SkyBridge agreed to buy Citi Alternative Investments fund of hedge funds, hedge fund seeding and hedge fund advisory businesses, with a combined $4.2 billion in assets under management or advisory.