Friday, 22 May 2015
Last updated 1 hour ago
May 2 2007 | 10:19am ET
Citi has agreed to pay almost $1.5 billion for Bisys Group, one of the world’s largest hedge fund administrators, the Wall Street giant said this morning. The deal instantly makes Citi a major player in the hedge fund and mutual fund services business, as well as a top administrator for the private equity industry.
Citi will pay shareholders of its fellow New York-based firm $12 per share, including a $0.15 special dividend, totaling some $1.47 billion in the all-cash deal, expected to close in the second half of 2007. The acquisition is subject to regulatory approval in the U.S., Ireland and Bermuda.
The bank only plans to keep Bisys’ investment services division. After the deal closes, it will sell the firm’s retirement and insurance services division to p.e. firm J.C. Flowers & Co. for approximately $670 million, making the net cost to Citi roughly $800 million.
“Bisys’ investment services division propels Citi into a market-leading position in hedge fund administration and mutual fund servicing, and integrating it into Citi’s global network will extend our full-service client platform and reaffirm our focus on serving the needs of high-growth markets, including private equity and hedge funds,” Citi Markets & Banking Co-President Michael Klein said.
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…