Citigroup Private Bank to expand hedge fund quota, report states

9 August 2010

Citigroup Private Bank is to expand the number of hedge funds on offer to its wealthier investors, a newspaper report has claimed.

According to Bloomberg, the financial institution is planning on tripling the number of hedge funds it currently offers through its HedgeForum service.

By the end of 2011, the firm is anticipating boosting the amount from 24 to 75.

David Bailin, head of managed investments at the bank, told the news provider: “The refocusing of the business is already being greeted with a lot of success, in terms of both inquiries and new business for Citi Private Bank.”

He added that total HedgeForum assets will increase by a $1 billion from the current figure of £2.9 billion during 2010 and by a “multiple of that” over the next two years.

HedgeForum was originally among the $465 billion worth of assets the bank was looking to sell to reduce its size following its reliance on government bail outs during the global credit crisis.

During July, the Citi division announced the appointment of Nancy Pellegrino as managing director and head of the Pacific Northwest.

By Jim Ottewill

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