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
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