Bad actor rule is “a big deal” for hedge funds
Citigroup sanctions will change the way hedge funds pick distributors, lawyers claim
Financial lawyers have told Hedge Funds Review that US curbs on Citigroup’s distribution network will have “major” consequences for how hedge funds are sold to investors.
At the end of August it was revealed that the Securities and Exchange Commission (SEC) had barred New York-headquartered Citigroup from offering private equity and hedge fund investments to wealthy clients, beginning on August 5. The ban is indefinite, but Citigroup is appealing to the SEC for a waiver, a process that could last
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