Sadis & Goldberg LLP Congratulates SkyBridge Capital on Purchase of Citigroup's Hedge Fund Business

NEW YORK, April 16 /PRNewswire/ -- SkyBridge Capital, a hedge fund seeder, announced the purchase of Citigroup's Hedge Fund Business on April 14, 2010.  The deal includes the purchase of Citi Alternative Investments' fund of funds, hedge fund seeding and advisory businesses, with $4.2 billion worth of assets under management. The transaction is scheduled to close on June 30, 2010.

"The current climate of increased opportunity for M&A in the asset management industry provides great benefits to our clients who continue to fortify their position in the financial services industry.  While the increased regulatory scrutiny presents new challenges, it is critical to be aware of the latest developments and trends," said Ron S. Geffner, Partner and Head of the Financial Services Group.  

Paul Fasciano, Mergers and Acquisitions and Investment Management Partner, heading up the acquisition team from Sadis & Goldberg, stated "We are pleased that SkyBridge selected us to represent them in this transaction and we congratulate Anthony on his vision to acquire the hedge fund business from Citigroup."  The Sadis & Goldberg team working on the transition consists of Paul Fasciano and Lance Friedler, Investment Management; Steven Etkind and Roger Lorence, Tax; Dan Viola, Regulatory and Compliance; and Ron S. Geffner, Head of the Financial Services Group.  

About Sadis & Goldberg LLP

Sadis & Goldberg LLP is a leading New York based law firm focused on delivering sophisticated and creative legal solutions in a highly professional manner.  The Firm is recognized for its financial services practice that consists of representing several hundred investment advisers and related investment entities (including hedge funds, private equity funds and venture capital funds).  Similarly, the Firm provides regulatory and compliance advice and representation in connection with SEC enforcement proceedings.  Notwithstanding the emphasis on the financial services industry, the firm also provides a full range of tax, litigation, regulatory, real estate, intellectual property and corporate services to its clients.

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SOURCE Sadis & Goldberg LLP