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Citi in Talks to Sell Hedge Fund Unit to SkyBridge

By Editorial Staff, IDD Magazine
February 25, 2010
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Citigroup is looking to sell a hedge fund unit with $4 billion in assets under management to SkyBridge Capital, according to The Wall Street Journal, citing people familiar with the talks.

Last year, Citi [C] decided to sell $715 billion in non-core assets, and it has since succeeded in divesting itself of about $168 billion on these assets, leaving a remaining balance of $547 billion.

Businesses that Citi has sold include a majority sake in Smith Barney’s retail brokerage business, its Nikko Capital securities and asset management companies in Japan, as well as credit card and consumer finance companies in Portugal, Italy and Norway.