Tuesday, 2 June 2015
Last updated 20 min ago
Aug 6 2010 | 3:08am ET
Citigroup’s private bank plans to more than triple the number of hedge funds it offers on its hedge fund platform, HedgeForum.
The business—one of a handful of hedge fund-related businesses that Citi is holding on to—currently offers clients access to 24 hedge funds. But David Bailin, head of managed investments at Citi Private Bank, told Bloomberg News that the number would rise to 75 by the end of next year.
HedgeForum became part of Citi Private Bank in March. The business currently manages $2.9 billion, but Bailin said that figure would rise by $1 billion this year and by “multiple” billions over the next two years.
“The refocusing of the business is already being greeted with a lot of success, in terms of both inquiries and new business for Citi Private Bank,” Bailin told Bloomberg.
HedgeForum clients can already choose from among such hedge fund giants at Brevan Howard Asset Management, Paulson & Co. and GoldenTree Asset Management. But Bailin said they’ll soon have access to emerging markets managers, with the private bank using its “network of knowledge and contacts in the emerging markets.”
May 27 2015 | 2:15pm ET
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