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Stock impact report

Citi's Private Equity ‘Club' Underwhelmed Billionaire Members [Yahoo! Finance Canada]

Blackstone Inc. (BX) 
Last blackstone inc. earnings: 4/23 06:56 am Check Earnings Report
Most Read from Bloomberg More than a decade after its 2012 launch, Citi's experiment has ended with disappointed billionaires, a bitter legal battle and a lesson on the pitfalls of marketing private assets. The saga revolves around the creation of the Silverfern Equity Club, the product of a partnership between Citi and Silverfern Group that was championed by Chief Executive Officer Jane Fraser back when she led Citi's private bank. The club was designed to offer exclusive investment opportunities to a few dozen elite clients; Silverfern brought the expertise, Citi brought the customers, and the two would split the fees. Emails, documents and testimony from years of litigation recount how Citi viewed the Silverfern Equity Club as a possible model for the future. By 2016, though, strains began to appear in the partnership, and internal communications show Citi bankers started to sour on Silverfern as customers complained about poor performance. The club shut down and lawsuits fo Show less Read more
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