Citadel Ups Stake In I-Bank Evercore

Aug 12 2011 | 11:26am ET

Citadel Investment Group may be selling its troubled investment bank, but it hasn't given up on banking entirely.

The $11 billion Chicago-based hedge fund has taken a big stake in boutique investment bank Evercore Partners, the firm founded by former Deputy Treasury Secretary Roger Altman that boats White House Chief of Staff William Daley among its alumni.

Citadel disclosed today that it had boosted its stake in Evercore roughly seven-fold and that it now owns about 5.2% of the bank. That makes the hedge fund Evercore's second-largest shareholder after Fidelity Investments.

Citadel is currently seeking a buyer for its three-year-old investment banking advisory business. Yesterday it made a series of deep cuts in its investment banking unit, Citadel Securities, including a large number of layoffs at its New York office and the elimination of its equity research operation.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note