SkyBridge buys fund units from Citigroup
Source: Agencies |
April 16, 2010, Friday
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Print Edition
Print Edition
GLOBAL investment firm SkyBridge Capital said on Wednesday it is buying three hedge fund businesses that manage a combined US$4.2 billion in assets from Citigroup Inc, dramatically increasing the size of its hedge fund operations.
The sale furthers Citigroup's efforts to shed non-core assets as part of a global restructuring. Terms of the deal weren't disclosed.
SkyBridge is buying the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses of Citi Alternative Investments, part of the bank's Citi Holdings division. The deal quadruples SkyBridge's assets under management to US$5.6 billion.
Raymond Nolte, who has led these Citi businesses since 2005, will join SkyBridge as managing partner and chief investment officer. He will bring with him a team of 20 former Citi employees.
Citigroup split itself into two parts last year - Citicorp and Citi Holdings, the division holding non-core, riskier assets including the mortgage-backed securities that undermined the bank and other financial institutions. The bank continues to sell off Citi Holdings, which had US$547 billion worth of assets at the end of 2009.
The sale furthers Citigroup's efforts to shed non-core assets as part of a global restructuring. Terms of the deal weren't disclosed.
SkyBridge is buying the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses of Citi Alternative Investments, part of the bank's Citi Holdings division. The deal quadruples SkyBridge's assets under management to US$5.6 billion.
Raymond Nolte, who has led these Citi businesses since 2005, will join SkyBridge as managing partner and chief investment officer. He will bring with him a team of 20 former Citi employees.
Citigroup split itself into two parts last year - Citicorp and Citi Holdings, the division holding non-core, riskier assets including the mortgage-backed securities that undermined the bank and other financial institutions. The bank continues to sell off Citi Holdings, which had US$547 billion worth of assets at the end of 2009.
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