Citigroup has announced the sale of its wealth alternatives unit, Citi Global Alternatives, to fintech company iCapital, as part of its strategy to streamline operations. The deal, revealed on Tuesday, marks another move by Citi to simplify its business structure under CEO Jane Fraser’s leadership.
Citi Global Alternatives oversees more than 180 funds across asset classes such as private equity, infrastructure, hedge funds, and private credit. iCapital, headquartered in New York, will take over the management and operation of the platform. However, Citi will continue distributing the funds and providing clients with insights on alternative investments.
“We’re thrilled to partner with Citi Wealth and help expand their global alternatives business,” said Lawrence Calcano, CEO of iCapital. “Our technology will enhance the efficiency and scalability of their alternative investments platform.”
Additionally, iCapital will support Citi Wealth’s global sales efforts with a dedicated team to drive further growth. The financial terms of the agreement were not disclosed.
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News Source: finance.yahoo.com
