Citigroup Inc.PARA_BREAK_SENTINEL_9f8e7d6c

Citigroup Inc. and Arsago Global Hedge Holding GmbH have raised USD 78 million for the Arsago Global Macro-CI fund.

Arsago is based in Frankfurt and has assets of USD 330 million.

The new German hedge fund, which mainly trades equity indexes, currencies and precious metals. The fund is only open to institutional investors.

Citigroup is expanding its hedge fund business in Germany and last month set up a unit (see previous Hedgweek article) to handle prime brokerage and custodial services for hedge fund managers in the country.