Hedge Funds

Citigroup registers units of multi-manager fund


In a move reflecting the bank's rapid expansion into hedge funds, Citigroup's Alternative Investments arm has registered to offer $350 million in units of limited liability company interests in a new strategy to be called the Citigroup Alternative Investments Multi-Adviser Hedge Fund portfolio.

Citigroup will offer two series of the units, Series M and Series G, which will invest in hedge fund strategies. Rather than investing directly into the fund, investors can subscribe through two "series," which Citigroup has registered under both the Investment Advisors Act of 1940 and the Securities Act of 1933.

The firm did this