SkyBridge to Buy Citigroup’s Fund-of-Hedge Funds Unit

Skybridge Capital LLC, an investment firm founded by Anthony Scaramucci, agreed to buy the hedge-fund business of Citigroup Inc.’s Citi Alternative Investments LLC, adding $4.2 billion in assets.

The transaction will increase SkyBridge’s assets under management and advisory to $5.6 billion, the New York-based companies said in a statement today. Citi Alternative invests in hedge funds and buys minority stakes in them on behalf of clients, as well as providing advisory services. Terms of the agreement weren’t disclosed.

Raymond Nolte, who has led the businesses at Citi Alternative since 2005, will join SkyBridge as a managing partner and chief investment officer. He will bring a team of more than 20 professionals to SkyBridge, which focuses on buying stakes in hedge funds and other asset managers. The firm has stakes in seven funds.

Read Full Article from BusinessWeek

- Posted: 2010-04-14 11:17:31

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