Citigroup is seeking to sell its hedge fund business with $4 billion in assets, The Wall Street Journal reports. New York alternative-asset manager, SkyBridge Capital, may buy the unit. The sale price has not yet been determined.
Citi is planning to sell assets that include about $1 billion investments in hedge funds, $2.5 billion hedge-fund assets on which Citi advises, and $500 million in seeding capital tied to stakes in small hedge funds. SkyBridge was founded by Anthony Scaramucci and Scott Prince, former executives with Goldman Sachs.
