Citco Announces Change in Ownership and Remains Independent.LONDON -- The Citco Group Limited ("Citco") today announced that an investor group including the Smeets Family Trust, Citco managers, and friends of the firm has acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Citco from the Sandoz Family Foundation. Terms of the transaction were not disclosed. The Sandoz Family Foundation, which had made a substantial equity investment in Citco in 1995, will retain a minority ownership position and a seat on the Citco Board. Founded over 60 years ago, Citco Group companies today represent the largest global service provider to hedge funds, administering over USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 250 billion in assets from 36 offices around the world. Citco Group companies also serve as custodians for over USD 140 billion in assets of hedge funds of funds and financial institutions. The Citco Group companies also provide the highest quality corporate and private client fiduciary services to multinational companies, financial institutions and their professional advisors. Christopher Smeets, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Citco's current management team will continue to operate the business. He said, "We are very pleased that the Citco Group of companies will remain an independent organization, well positioned to provide specialized financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to our hedge fund and other clients worldwide. This new investment will ensure the continuity and future growth of our business serving the needs of sophisticated investors on a global basis." Pierre Landolt, Chairman of the Sandoz Family Foundation, said, "Citco is a superb franchise that will continue to benefit from its unique market position as an independent firm. We look forward to participating in the continued success of the business." Silverpoint silverpoint, method of drawing whereby a silver-tipped instrument is dragged across paper prepared with ground bone dust and gum water and then tinted with a pigment. The procedure results in drawings of extraordinary delicacy. Capital LP led the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for the transaction. Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. served as financial advisor to the Smeets Family Trust and Goldman Sachs International served as financial advisor to the Sandoz Family Foundation. The Citco Group companies provide an array of specialized corporate/fiduciary, fund administration, brokerage, banking and data processing services. Companies that comprise the Citco Group collectively have over 2,000 employees serving clients from offices in Europe, North America, Australasia, and the Caribbean. |
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