Citi in talks to sell hedge fund unit – source

Reuters – Citigroup Inc is in advanced talks to sell its $4 billion hedge fund business to SkyBridge Capital LLC, a New York firm that invests in start-up fund managers, a person familiar with the matter said on Wednesday.

Hammered by the credit crisis and bailed out by taxpayers in 2008, Citigroup said last year it would get rid of billions of dollars worth of businesses outside its core commercial banking and capital markets activities.

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