SkyBridge Closes Citi Deal

Jul 1 2010 | 11:12am ET

Hedge fund seeder SkyBridge Capital today completed its acquisition of three businesses from Citigroup, instantly boosting its assets under management by more than $4 billion.

New York-based Skybridge in April struck a deal for Citi Alternative Investments’ fund of hedge funds, hedge fund seeding and advisory businesses. Terms of the deal were not disclosed, but 20 Citi employees—including Raymond Nolte, who headed the businesses—joined SkyBridge, which now has more than $7 billion in assets under management.

“We are excited to announce the completion of this deal and to welcome the new team members to SkyBridge,” founder Anthony Scaramucci said. “Our comprehensive suite of investment offerings, backed by an experienced, hands-on global team and thoughtful and thorough approach to risk management, offers great opportunity to a diverse set of investors.”

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