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Wednesday May 18, 02:32
Citigroup’s hedge-fund new service targets higher clients
(by Helen Snow)

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Citigroup’s hedge-fund new service targets higher clients

Citigroup Inc. started founding a joint venture with Pacific Alternative Asset Management Co. to provide hedge-fund portfolio management services to its high-profile clients.

"Hedge funds are no longer a cottage industry," says Todd Thomson, CEO of Global Wealth Management at Citigroup.

The joint venture is said to have its advantages and disadvantages. It will provide clients with a diversified portfolio, but will implement hefty fees on top of the already essential fees hedge funds charge.

Despite the fact that Citigroup officials say they are going to work out services of less charge, meanwhile, clients are required to have a minimum net worth of $25 million to take advantage of the new product.
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