Bloomberg – Citigroup Inc.’s private bank will triple the number of hedge funds such as Paulson & Co. that its wealthy clients can invest in, under a push to increase money- management revenue.
The private bank will expand its HedgeForum service to offer 75 hedge funds by the end of 2011 compared with 24 now, said David Bailin, Citi Private Bank’s head of managed investments. Customer assets on HedgeForum, which stood at $2.9 billion as of June 30, will rise by more than $1 billion this year, and by a “multiple of that” during the next two years, he said in an interview.
