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Citi's architect mulls fund play
23.10.08
Sandy Weill, the architect of Citigroup, is reportedly in talks to launch a $5 billion (£3.07 billion) private-equity fund to invest in depressed financial companies and assets.
Weill, the brains behind creating the vast Citigroup financial empire, retired as chief executive in 2003 and chairman in 2006 but has remained close to the group.
He has recently been sounding out potential investors and working on strategy for the investment fund, according to the Wall Street Journal.
He is said to be looking for investments from sovereign wealth funds and wealthy individuals.
Potential partners are Michael Klein, who was co-head of Citi's investment bank until he left in July, and Michael Masin, the former chief operating officer of the group, the Journal says.
