Citco changes hands

The hedge fund administrator has new owners.

The Citco Group, which administers $250 billion of hedge fund assets globally and serves as custodian to $140 billion of hedge fund assets, has announced a new ownership structure.

The previous majority owner, the Sandoz Family Foundation, has sold a controlling stake in the firm to a group of investors including the Smeets Family Trust, Citco managers and friends of the firm, as a spokesman puts it. The Sandoz family, which made a substantial investment into the firm in 1995, will remain a minority owner and keep a seat on the board.

CEO Christopher Smeets will continue in his role heading the company, and expressed pleasure...

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