Tuesday, 2 September 2014
Last updated 49 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...