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** Shares of Hess Midstream HESM.N down 3% post-market to $35.78 after co launches secondary offering
** Subsidiary of Hess Corp HES.Nsays Global Infrastructure Partners (GIP) to sell 10 mln shares with Citigroup as sole bookrunner
** Offering to cut fund manager GIP's stake from 20.7% to 16.1%, or ~35 mln shares, per SEC filing
** HESM has ~220.8 mln total shares outstanding for ~$8 bln market cap, and ~90.3 mln shares of free float, per LSEG data
** Shares on Weds closed down 0.2% at $36.87, trimming YTD gain to 16.6%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
(( lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380) )
By Tatiana Bautzer
NEW YORK, Sept 18 (Reuters) - Wealthy families are seeking out risky assets and reducing cash holdings as they turn more bullish about the investment outlook, according to a Citigroup C.N survey.
About 97% of the 338 family offices surveyed by Citi's private bank expect their investment returns to be positive over the next 12 months, rising from 95% of respondents last year.
"Investors are very optimistic, and we see that even in the kind of risk they are taking," said Hannes Hofmann, head of Citi's global family office group. He cited wealthy families' direct investments in companies during initial funding rounds, which are typically more risky than the later rounds.
Growth equity and venture capital investments also comprised a large share of family office allocations in private equity funds, Hofmann said.
Meanwhile, the path of interest rates was the top concern for more than half of the respondents, overtaking inflation as the biggest worry for the first time since 2021.
More than three quarters of investors surveyed made money last year, compared with 12% of those who lost money and 10% whose portfolios were flat, the survey showed.
Families have been gradually reducing their cash positions and adding riskier assets.
Higher yields boosted the appeal of fixed income investments, spurring 49% of respondents to boost their allocations. Meanwhile, 43% raised allocations in stocks and 42% added private equity.
More than half of the wealthy families surveyed had investments in generative artificial intelligence (AI), but less than 15% had deployed AI in their own operations.
"Investors know it will become important, but are not very sure of how to use it for their own investing purposes," Hofmann said.
(Reporting by Tatiana Bautzer, editing by Lananh Nguyen)
(( tatiana.bautzer@tr.com ; Mob: +1-646-2397968; Reuters Messaging: tatiana.bautzer.thomsonreuters.com@reuters.net ))
Keywords: CITIGROUP-WEALTH/SURVEY
Citigroup Inc. C has agreed to divest its global fiduciary and trust administration services business, Citi Trust, to JTC, one of the global professional services providers, for $80 million. This strategic move aligns with the bank’s focus on concentrating resources in areas that drive growth in its wealth business.
Citi Trust, known for its comprehensive trust solutions across seven key jurisdictions like New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas, serves over 2,000 ultra-high-net-worth clients with more than $70 billion in assets under administration.
JTC will leverage Citigroup’s experienced senior management team with more than 150 years of collective trust experience, supported by a skilled global employee base.
Ida Liu, head of Citi Private Bank, said, “The decision to sell our personal trust administration and fiduciary business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our Wealth business. We will continue to provide clients with leading investment management, wealth planning, lending and banking services, while JTC will provide the highest quality trustee and fiduciary services.”
The Latest Move Aligns With Citigroup’s Strategic Overhaul
This divesture aligns with the restructuring efforts undertaken by Citigroup's chief executive officer, Jane Fraser, to enhance the performance of the bank, reduce the cost base and streamline its operations.
The bank had divested several international retail banking businesses earlier in this strategic overhauling move.
These exits are in addition to the major strategic action announced in April 2021 to exit the consumer banking business in 14 markets across Asia and the EMEA. The company has already closed sales in Australia, Bahrain, India, Malaysia, the Philippines, Taiwan, Thailand, Vietnam, Indonesia and China.
This will free up capital and help the company pursue investments in wealth management operations in Singapore, Hong Kong, the UAE and London to stoke fee income growth.
Conclusion
Through this strategic exit, C will enhance its focus and boost its operational efficiency within its key business segments.
Divesting its non-core businesses to focus on its core operations has already shown positive results for the bank. In the second quarter of 2024, revenues, net of interest expenses, increased 3.6% compared with the year-ago quarter. In the Wealth segment, revenues were $1.81 billion, rising 2% year over year.
This strategic focus will likely lead to enhanced profitability in the future, as Citigroup focuses its resources on high-growth areas. However, the current volatile macroeconomic background could present challenges, potentially acting as a headwind in the process.
Shares of Citigroup have gained 0.7% over the past six months against the industry’s growth of 7.4%.
Currently, C carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Bank Taking a Similar Step
According to a Reuters report citing a source familiar with the matter, The Goldman Sachs Group, Inc. GS is close to finalizing a deal to transfer its General Motors GM credit card business to Barclays as part of its strategy to enhance its focus on consumer services.
GS’ decision to quit the commercial agreement with GM, which had approximately $2 billion in outstanding balances, is part of the firm's strategy to restrict its focus on the strength of investment banking (IB) and trading operations.
(We are reissuing this article to correct a mistake. The original article, issued on September 17, 2024, should no longer be relied upon.)
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