Fast Exclusive: Inside Citi's Hedge Fund Deal

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.

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .

Trader disclosure: On February 24th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kaminsky Owns (EPV); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Pete Najarian Owns (CMC) Call Spread; Pete Najarian Owns (NFLX) Put Spread; Terranova Owns (IBM), (QCOM), (GOOG), (EMC), (AAPL), (DELL), (MSFT); Terranova Is Long April Crude Oil Futures; Terranova Owns (GLD) March Puts; Terranova Is Long Dec. 2010 Crude Oil Futures; Seymour Owns (X); Kelly Owns (HOV) Calls; Kelly Owns (FXE) Puts
Kelly Owns (HOV) Calls; Kelly Owns (AMZN) Calls; Kelly Owns (FXE) Puts’ Kelly Owns (ELX) Call; Kelly Owns (QLGC) Calls; Finerman's Firm Is Long S&P Puts; Finerman Owns (TM); Finerman's Firm And Finerman Own (CVS); Jon Najarian Owns (CROX), (CROX) Calls

For Tim Seymour:
Seygem Asset Management Owns (FCX) Puts
Seygem Asset Management Owns (POT) Calls

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of  (DLR)
Virtus Investment Partners Owns More Than 1% Of  (EXR)
Virtus Investment Partners Owns More Than 1% Of  (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of  (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of  (XLB)
Virtus Investment Partners Owns More Than 1% Of  (XLI)
Virtus Investment Partners Owns More Than 1% Of  (SKT)

For Brian Kelly:
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Is Short March Copper Futures
Kanundrum Capital Is Short July Copper Futures
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Japanese Yen
Kanundrum Capital Is Short Singapore Dollar
Kanundrum Capital Is Short British Pound
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short U.S. Treasuries
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Owns (HOV)
Kanundrum Capital Owns (PHM)
Kanundrum Capital Owns (TOL)
Kanundrum Capital Owns (ELX)
Kanundrum Capital Owns (QLGC)
Kanundrum Capital Owns (VMW)
Kanundrum Capital Owns (EMC)
Kanundrum Capital Owns (EWP)
Kanundrum Capital Owns (NBG)
Kanundrum Capital Is Short (GRMN)
Kanundrum Capital Is Short (FCX)
Kanundrum Capital Is Short (TAO)

CNBC.com with wires