Citi Bails Out Six Funds

Mar 12 2008 | 8:20am ET

Citigroup has been forced to bail out six more hedge funds, to the tune of $1 billion. The Wall Street giant has poured $1 billion into its ASAT Finance and MAT Finance funds.

The $15 billion funds have been hard-hit by volatility in the municipal bond markets.

Citi committed an additional $400 million to the funds, after they had burned through $600 million provided by the bank to allow them to keep trading and meet margin calls.

Earlier this year, Citi had to bail out its CSO Partners hedge fund with a $100 million capital injection, and it also had to provide a $500 million line of credit to its Falcon Strategies hedge funds to keep them afloat.

RELATED ARTICLES:


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR