Monday, 22 September 2014
Last updated 2 days ago
Dec 11 2007 | 10:46am ET
Citigroup’s alternative investments division is looking more and more like Morgan Stanley's every day. The largest bank in the U.S. agreed to buy Metalmark Capital Partners—the private equity firm formerly known as Morgan Stanley Capital Partners—yesterday. It is the third acquisition of an alternative investment firm by Citi this year, and it’s also the third run by Morgan Stanley alumni.
Metalmark, which focuses on middle-market healthcare, industrial and energy investments, spun out of Morgan Stanley in 2004. It is led by Howard Hoffen, who joins Citi as a managing director. Terms of the deal were not disclosed.
In an internal memorandum, Citi Alternative Investments CEO John Havens—another Morgan Stanley veteran—said Metalmark fills “a product gap” in “developed market” deals.
Over the course of this year, Citi has also bought fixed-income hedge fund Carlton Hill Capital—founded by Morgan Stanley alums James O’Brien and Jonathan Dorfman—and Old Lane, the hedge fund founded by Havens and Vikram Pandit, the former Morgan Stanley executive widely tipped to be named Citi’s next CEO.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.