NEW YORK (
is reportedly in talks to sell a hedge-fund business with about $4 billion in assets.
Citigroup is in advanced talks to sell its fund-of-funds business to SkyBridge Capital, a New York alternative-asset manager led by two alumni of
Wall Street Journal
reports, citing people familiar with the matter.
An agreement has yet to be signed and the proposed sale price couldn't be determined, the
Citigroup is selling assets that include about $1 billion in investments farmed out to hedge funds, about $2.5 billion in hedge-fund assets on which the bank advises, and $500 million in seeding capital tied to stakes in small hedge funds, says a person familiar with the matter, the
The business is part of the $715 billion of noncore assets that Citigroup has been looking to unload.
-- Written by Joseph Woelfel in New York.
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