SkyBridge Capital to acquire Citi Alternative Investments

Citigroup continues to slim down their asset base by selling of business units. Last week they sold off their lucrative hedge fund of funds business which had $4.2 billion in assets under management. Management fees on those asset could account for revenues of $84 million a year, which is before any performance fees, which are typically set at 20% for hedge funds. To read more, see this article: http://www.hedgetracker.com/article/SkyBridge-Capital-to-acquire-Citi-Alternative-Investments-Adding-42-Billion