|
|
Article: Citi a Hedge Fund Administration Leader: Big-bank buyout of Bisys is latest in.(Company overview)
- Article from:
- Securities Industry News
- Article date:
- May 7, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Citigroup's pending takeover of Bisys Group of Roseland, N.J. accelerates the consolidation of the hedge fund administration market into a handful of megabanks as other, more specialized players fight to stay in the game.
The transaction, which involves the sell-off of two Bisys divisions to leave Citi with sizable mutual fund and hedge fund administration businesses, puts the New York banking giant in the same league as Bank of New York Co., HSBC Holdings, JP Morgan Chase & Co. and State Street Corp., all of which have used acquisitions over the last several years to strengthen their positions in fund services. In the burgeoning hedge fund field, Citi's Bisys ...