Saturday, 18 April 2015
Last updated 10 hours ago
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.
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…