Citigroup Inc.’s private bank decided to sever its relationship with Anthony Scaramucci’s SkyBridge Capital and expects to see clients redeem $100 million over time, said a person familiar with the matter.
Citigroup’s decision earlier this week follows a more-than-20% loss in March by SkyBridge’s flagship fund because of a big credit bet the fund made years ago. The fund managed $4.8 billion at the end of February. The person said Citigroup thinks the fund has too much exposure to credit and mortgage-related securities and...
[ad_2]
Source link
EmoticonEmoticon