WEST PALM BEACH, FL (www.hedgeco.net) – Citigroup Inc. and Pacific Asset Management have announced plans for a joint venture to offer hedge funds. The new joint venture will offer hedge fundmanagement portfolio services to wealthy individuals as well as institutional investors. Citigroup is the world’s largest financial services company; the firm continues to form joint hedge fundmanagement partnerships as it increases its hedge fund management obligations.
According to Reuters, the new venture will create and manage customized hedge fund portfolios for wealthy and institutional investors. The need to include hedge funds in investor portfolios has been growing in recent times. Analysts think such need arose from the continued poor performance of the global equity markets around the world.
While hedge fund returns have been declining in 2005 year-to-date, the global investor�s interest is such asset class has not diminished. According to news reports, hedge funds around the world now managed over $1.5 trillion for investors.
Details of the Citigroup and Pacific Alternative Asset Management deal have not been provided. Citigroup oversees more than $1.2 trillion in investor assets while the Irvine California based Pacific Management handles more than $ 7 billion in investor assets.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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