Sunday, 21 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.