Friday, 30 January 2015
Last updated 2 hours ago
Apr 27 2011 | 12:02pm ET
Citadel Investment Group will continue its sell-off of its once-massive stake in online brokerage E*Trade Financial this month. The hedge fund plans to sell 27.5 million shares, reducing its stake to just under 10%.
Citadel twice bailed out the troubled brokerage, building up its stake in the form of convertible debt. This month's sale will be the third for Citadel in the past 13 months; all told, it will have sold nearly 230 million E*Trade shares since last April, the lion's share of E*Trade's total shares outstanding.
Morgan Stanley is leading the secondary offering, Citadel's second of E*trade shares this year. The deal is expected to close on Friday.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…