Citigroup and Pacific Alternative Asset Management Company, LLC, have launched a joint venture offering FoHF access to ultra high net worth investors.
The joint venture entity, Global Hedge Strategies, LLC, will provide Citigroup's ultra high net worth investors with access to a range of institutional alternative asset management services
The joint venture seeks to serve the substantial demand for alternative investments among affluent investors and formalises and enhances a five year long portfolio advisory relationship between Pacific Alternative Asset Management Company, the funds of hedge funds manager, and The Citigroup Private Bank.
Todd S. Thomson, CEO of Citigroup Global Wealth Management, said: "There is an ever-growing demand among our high net worth clients for sophisticated alternative investments. Increasingly, our clients are moving beyond basic funds of hedge funds to hedge fund portfolios tailored to their specific needs. This joint venture with Pacific Alternative Asset Management Company allows us to offer Citigroup Private Bank and Smith Barney clients access to some of the industry's sharpest minds and best tools for creating customized portfolios of hedge funds."
Jane Buchan, CEO of Pacific Alternative Asset Management Company, said: "We are delighted to further partner with Citigroup Global Wealth Management to offer our investment capabilities to a select group of ultra high net worth investors. The establishment of a fully and separately staffed entity in this venture allows us to focus on what we do best which is building custom portfolios for sophisticated investors. We see this as a partnership between two flagship brands where clients get the best of both partners."
Citigroup Global Wealth Management has more than 560 private bankers and 12,000 financial consultants overseeing more than USD 1.2 trillion in asset under management.
Pacific Alternative Asset Management Company has over USD 7 billion under management and a current client mix of large public and private pension plans, foundations, endowments, and financial institutions.
Global Wealth Management is a business of Citigroup Inc. and comprises The Citigroup Private Bank, Smith Barney Global Private Client Group, and Smith Barney Global Equity Research (Smith Barney is a division of Citigroup Global Markets Inc., Member SIPC). Citigroup and the Umbrella device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
Pacific Alternative Asset Management Company, LLC is a research-oriented, institutional fund of hedge funds management firm based in Irvine, California. It constructs, monitors and manages diversified portfolios of hedge funds and provides investment services to institutional investors globally.
Pacific Alternative Asset Management Company, LLC was founded in 2000 and is headquartered in Irvine, California. In 2003, Pacific Alternative Asset Management Company established a subsidiary in London (Pacific Alternative Asset Management Company Europe, LLP). As at 1 May 2005, it had over USD 7 billion in assets under management globally. Pacific Alternative Asset Management Company has a global staff of over 50 and is owned by the firm's senior professionals.