The acquisition of Citi Alternative Investments is a bold
move that defines the firm's ambition
By Claire Makin
In May, SkyBridge Capital held its second annual hedge fund
conference in Las Vegas, and aimed high for its keynote
speaker. The man who addressed the invitation-only audience of
1,400 people was former US President Bill Clinton.
Anthony Scaramucci, who founded the New York-based seeding
business in 2005, is not shy about declaring SkyBridge's
ambitions in the hedge fund arena. The conference, he says, is
"another way for us to embolden our brand and increase our
bandwidth in terms of hedge funds".
Those ambitions have just received a huge boost with a deal
that takes SkyBridge far beyond its current limits. In April,
the firm announced that it will buy Citi Alternative
Investments' hedge fund seeding, fund of hedge funds and hedge
fund advisory businesses, with $4.2 billion in...