Scaramucci rebuts report Citigroup cutting ties with SkyBridge
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SkyBridge Capital founder Anthony Scaramucci is pushing back against a report that Citigroup’s private bank is ending its relationship with his firm.
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The Wall Street Journal reported on Saturday that Citi made the move after SkyBridge’s flagship fund suffered a 22.5 percent loss in March as credit and mortgage-backed securities markets seized up,
“When they say cut ties, The Wall Street Journal actually got that wrong,” Scaramucci told FOX Business.
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Citigroup, whose clients have about $150 million invested in New York-based SkyBridge’s flagship fund, “issued a sell,” he said. Scaramucci predicts $125 million, or 83 percent, of that cash will remain with SkyBridge, which has a “very good relationship” with the investors involved. They tend to agree that "our fund is way underpriced,” he added.
Citigroup declined to comment.