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Citigroup Exiles its Hedge Fund Administration Service

The administration business will function in a holding pen while the bank works out an exit strategy.

Citigroup no longer considers its hedge fund administration services part of its long-term strategic direction and will move the administration function into Citi Holdings, a division where non-core assets sit and wait for the next step. Michael Corbat, Citigroup’s CEO, made the announcement during the bank’s fourth quarter 2014 earnings

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