Public RelationsCiti to relaunch hedge fund ops: report
Financial service major Citigroup is planning to relaunch Citi Alternative Investments, a unit that contains its hedge fund operations, a media report said.
"Citigroup is poised to relaunch the unit containing its troubled hedge fund operations after nearly two years of poor performance, internal strife and investor unrest," the Financial Times said.
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The report said some executives feared that dropping the Citi name could be a prelude to more dramatic actions such as a spin-off of the hedge fund parts of CAI, or the winding of hedge fund operations if the unit failed to raise more outside funds.
In the short term, the report said citing insiders, a separation is unlikely because around half of the $2.7 billion in the internal hedge funds comes from Citi.