JSM Financial: SkyBridge Capital to buy Citigroup’s hedge funds.

April 14, 2010 - PRLog -- Alternative investment firm SkyBridge Capital LLC has recently announced that it is to buy three hedge fund businesses which collectively manage $4.2 billion in assets from Citigroup Inc., a move which will significantly increase the size of its hedge fund operations, JSM Financial sources indicate.

The deal will increase SkyBridge’s assets under management and advisory to $5.6 billion according to a statement from the firm.

Neither party was willing to disclose the financial terms of the deal.

The deal includes Citi Alternative Investment LLC’s fund of hedge funds, hedge fund seeding and hedge fund advisory businesses, JSM Financial has learned.

Raymond Nolte, who has been at the helm of Citi Alternative Investment since its inception in 2005, will be moving over to SkyBridge as a managing partner and chief investment officer. He will be taking a team of over 20 professionals along with him.

“The integration of a fund of hedge funds business is a natural fit with the SkyBridge platform,” JSM Financial believes managing partner Anthony Scaramucci said in a recent statement. “Citi’s proven investment capabilities and comprehensive suite of fund of funds products combined with our entrepreneurial culture, marketing, risk management and operational expertise creates an entity with significant growth potential.”

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