US hedge funds service provider, The Citco Group, has announced that an investor group has acquired “a controlling interest” in the firm fro...

US hedge funds service provider, The Citco Group, has announced that an investor group has acquired “a controlling interest” in the firm from the Sandoz Family Foundation, a US family office. The investment group includes Citco management, the Smeets Family Trust and, what a statement said were, “friends of the firm”. The Sandoz Family Foundation, which the statement said had made a “substantial” equity investment in Citco in 1995, would retain a minority stake in Citco and a seat on its board. Chief executive Christopher Smeets and Citco’s current management team will continue to operate the business, the statement added. Citco Group, which was founded more than 60 years ago, said that it currently administers more than $250 billion in assets globally.