New York–based financial company Citigroup has invested nearly $800 million of shareholders money in its own private-equity and hedge funds during the third quarter, Bloomberg reports. The lender has also raised $1.1 billion in a sale of separate hedge-fund and private-equity assets.
This move comes while regulators are planning to introduce the ‘Volcker’ rule to stop deposit-accepting banks from betting with shareholder money. However, according to Citigroup, the $800 million of acquisitions are mainly associated with funding of investments committed earlier to Citi’s private-equity and hedge funds. The lender allocated to funds run by the Citi Capital Advisors division.
Click here for the story from Bloomberg.
Citigroup New York Bloomberg Citi Capital Advisors HF