Citco changes hands

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, wi…