Citigroup Inc. agree to sell its hedge fund businesses to SkyBridge Capital ( C )

(MarketWatch) -- Citigroup Inc. agreed Wednesday to sell its hedge fund businesses to SkyBridge Capital, the latest step in a massive reorganization by the banking giant. SkyBridge said it will buy the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses of Citi Alternative Investments, with total assets under management and advisory of $4.2 billion. Citi /quotes/comstock/13*!c/quotes/nls/c ( C 4.89, +0.27, +5.84%) and SkyBridge didn't disclose a price tag.
Citi had to lean on massive government support to survive the financial crisis of late 2008 and early 2009. The bank is now trying to sell hundreds of billions of dollars in assets and its hedge fund businesses were one area targeted for disposal. There's also concern that future regulation may limit banks' ability to own hedge funds. 
SkyBridge was formed in 2005 as a hedge fund seeding business, investing in early-stage funds, giving managers advice on building their businesses and providing investment-support services. The firm has invested in seven funds and has a portfolio of $1.4 billion under management.
The Citi deal will give SkyBridge $5.6 billion in assets under management and advisory, making it more of a player in the $1.5 trillion hedge fund industry.
"The integration of a fund of hedge funds business is a natural fit with the SkyBridge platform, and this deal is a result of our long-term strategy to acquire assets that maximize value for investors," Anthony Scaramucci, managing partner of SkyBridge, said in a statement.
Raymond Nolte, who has run the hedge fund businesses at Citi Alternative Investments since 2005, will join SkyBridge as a managing partner and chief investment officer. A team of more than 20 will move with him, SkyBridge said..

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