Citi announced that it has reached a definitive agreement to sell its entire ownership interest in Nikko Asset Management, one of Japanâ??s leading asset management companies, to The Sumitomo Trust and Banking Co., Ltd. as part of a transaction that values Nikko AM at Â¥120bn ($1.25bn).
The FT reports that controversial draft regulations for hedge funds will be substantially amended, according to the new head of the European parliamentâ??s economic and monetary affairs committee.
GLG Partners, the hedge fund manager, is planning to launch an oil production venture that will be listed on the London Stock Exchange in autumn, according to sources close to the hedge fund.