Monday, 4 May 2015
Last updated 9 hours ago
Jun 18 2010 | 2:16pm ET
While some banks fret about the potential impact of the Volcker rule, Citigroup is moving forward with plans to raise more than $3 billion for its remaining alternative investments businesses over the next two years.
Citi Capital Advisors—the former Citi Alternative Investments—may raise $1.5 billion for p.e. funds and $750 million for hedge funds this year, with another $1 billion in hedge fund fundraising planned for next year, Bloomberg News reports. The plans come even as the U.S. House of Representatives and Senate work to finalize the financial reform bill, which could bar banks from owning, sponsoring or investing in hedge funds or private equity funds.
Some banks are expressing increasing concern that the Volcker rule really will totally bar them from the alternative investments industry.
Citi has sold off some of its alternative investments business, including its fund of funds, hedge fund seeding and advisory businesses to SkyBridge Capital, and may yet sell or wind-down other business. But it is doing so not primarily in fear of the Volcker rule, but under pressure from the U.S. government to sell off more than $500 billion in non-core assets.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…