(Bloomberg) — Citigroup Inc. will transfer management of a group of in-house private-equity funds to StepStone Group LLC and sell interests in its funds to Lexington Partners Inc. as part of a plot to shrink the bank’s assets.StepStone, based in La Jolla, California, will take over management of $4 billion in funds-of-funds and buyout co- investments previously run by the Citi Private Equity unit, the New York-based bank said today in a statement.
Posts Tagged ‘Private Equity Funds’
Citigroup Says StepStone Will Run Private-Equity Unit
July 13th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 1 Billion, Balance Sheet, Chief Executive Officer, Citigroup, Citigroup Inc, Core Assets, Dozen Businesses, Employee Investment, Equity Unit, Fourth Quarter, Group Llc, Investment Funds, Investments, La Jolla, Lexington Partners Inc, Pandit, Private Equity Funds, Proprietary Interests, Stepstone, Trillion 
Comments OffTesco could buy Northern Rock
July 3rd, 2009 Before You Invest The UK’s largest supermarket group Tesco is interested in buying the nationalized bank Northern Rock, the Times has claimed.Government ministers are keen to return the troubled lender to the private sector, preferably at a profit, before the next general election with an outright sale preferred to floatation because it will be quicker, the newspaper added.In order to attract potential buyers, the Treasury plans to split the bank’s excellent and terrible assets, with some of the most toxic assets likely to stay in public ownership. The Times said Northern Rock currently has deposits of £19.5 billion, with a mortgage book worth around £66.7 billion.But, ministers may have to wait for the European Commission to clear any division of excellent and terrible assets, as this may constitute an unacceptable level of state aid, the publication noted.Other potential suitors are believed to include Sir Richard Branson’s Virgin Group and a number of private equity funds.Northern Rock was nationalized in February 2008.
