Orlando, FL -- (SBWIRE) -- 08/15/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Citigroup Inc (NYSE:C), Pfizer Inc. (NYSE:PFE).
Citigroup Inc(NYSE:C) is planning to exit Citigroup Alternative Investments unit after regulatory and financial pressure on the bank.
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The unit includes a $3.4 billion fund called Citi Infrastructure Investors, in which about $500 million is Citigroup’s own capital. The investment bank has decided not to invest in new infrastructure deals for this fund, which owns assets such as a U.K. water supplier and a Spanish toll road.
Further, the infrastructure fund participated in a number of deals that did not take off or failed.
Citigroup is thinking of selling some of the assets in the fund and transferring the remaining to a new asset manager. This is in accordance with the regulatory reform bill that became law in July 2010. A provision in the law named the "Volcker Rule," curbs banks from deploying their own capital for speculation. Citigroup has sufficiently reduced its alternative-investment business and is looking to exit many more. It also spun off an internal hedge fund unit, which it independently renamed Napier Park Global Capital in Feb 2013.
Apart from Citigroup, many other U.S. banks including The Goldman Sachs Group, Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company and Morgan Stanley are also trying to cut their investments in hedge funds and private equity.
Meanwhile, the FDA has approved a new HIV treatment from ViiV Healthcare, a joint venture between GlaxoSmithKline PLC and Pfizer Inc.(NYSE:PFE).
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The regulator approved 50-milligram tablets of the drug Tivicay to be combined with other medicine for the treatment of HIV-1 in adults and some children.
Tivicay acts as an integrase inhibitor, which blocks HIV replication by preventing viral DNA from integrating into the genetic material of human immune cells.
The company has submitted data from four late-stage clinical studies that treated 2,557 adults and also some data from children aged 12 and above.
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