Citi to sell alternative investor services unit for $425 mln

The business, which has about 1,500 employees, includes hedge fund and private equity fund services, SS&C said on Tuesday.

Citi, the No. 3 U.S. bank by assets, has been hiving off non-core assets to focus on wealthier clients.

Financial terms of the transaction are not material to the bank, Citi said in a separate statement.

(Reporting by Richa Naidu in Bengaluru)