Hedging … Glass-Steagall fans may want to hold their applause: American Banker has learned that Citigroup Inc., which is supposed to be shedding businesses, is building a new hedge fund business, this time within its private bank as opposed to its asset management division.

We will report more details as they become available. But for now it appears Citi still thinks the hedge fund world is plenty attractive — and it wants the business close to the ultrawealthy clients who presumably would invest in it.

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