Is Citigroup talking with Skybridge Capital about selling a hedge fund? We got the latest from Skybridge Partner Anthony Scaramucci.
Although Scaramucci candidly told the Fast Money desk that he couldn’t comment on the deal, specifically, he did make some pretty strong inferences that something’s going on.
“I think you need assets. Assets beget assets. We’re going to aggressively pursue an asset aggregation strategy,” said Scaramucci exclusively on CNBC's Fast Money.
Aggressive may be putting it mildly.
According to the WSJ report Skybridge is looking to buy as much as $4 billion in assets from Citi.
And although the report is not confirmed by either party, Skybrdige did tell us, “I can tell you Skybridge is going to aggressively broaden our investment platform.”
The assets Citi is selling include "about $1 billion in investments farmed out to hedge funds, some $2.5 billion in hedge-fund assets on which Citi advises, and $500 million in seeding capital tied to stakes in small hedge funds, says a person familiar with the matter,” says the Journal.
And this may be just the beginning.
”I can tell you that as banks shed assets places like Skybridge will be aggressively pursuing situations like this,” said Scarmucci to CNBC.
And as if that's not bullish enough - he also said point blank, "The more people we can incubate the better the opportunity."
You can count on Fast Money to bring you the latest details as they become available.
* You can see our entire interview with Skybridge Partner Anthony Scaramucci about 4 minutes into the Word on the Street video.
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