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Citi Bails Out Six Funds
March 12, 2008
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.
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