New York (HedgeCo.net) – When SkyBridge Capital announced the purchase of Citigroup’s Hedge Fund Business on April 14, Paul Fasciano, who headed up the acquisition team from Sadis & Goldberg, stated. “We are pleased that SkyBridge selected us to represent them in this transaction and we congratulate Anthony on his vision to acquire the hedge fund business from Citigroup.”
The Sadis & Goldberg team working on the transition consists of Paul Fasciano, Mergers and Acquisitions and Investment Management Partner, and Lance Friedler, of Investment Management. Also on the team are Steven Etkind and Roger Lorence, Tax; Dan Viola, Regulatory and Compliance; and Ron S. Geffner, Head of the Financial Services Group.
The deal included the purchase of Citi Alternative Investments’ fund of funds, hedge fund seeding and advisory businesses, with $4.2 billion worth of assets under management. The transaction is scheduled to close on June 30, 2010.
“SkyBridge continues to expand its presence in the financial services industry and this acquisition will position us as one of the leading global alternative asset managers,” said Anthony Scaramucci, Managing Partner of SkyBridge Capital. “We have been working on the purchase with a team of attorneys from Sadis & Goldberg since February and once the deal closes, we will have approximately $5.6 billion in assets under management.”
“The current climate of increased opportunity for M&A in the asset management industry provides great benefits to our clients who continue to fortify their position in the financial services industry. While the increased regulatory scrutiny presents new challenges, it is critical to be aware of the latest developments and trends,” said Ron S. Geffner, Partner and Head of the Financial Services Group.
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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