Citi, LuminArx Said to Discuss Asset-Based Lending Partnership

Citigroup Inc. is in advanced talks to partner with LuminArx Capital Management on a new asset-based lending strategy, according to people with knowledge of the matter.

The New York-based bank’s markets division is negotiating a structure in which Citigroup may obtain a minority stake in LuminArx over time, said one of the people, who along with the others requested anonymity discussing confidential information. A deal has not been agreed to but if one is reached, it could be announced in coming weeks, the person said.

The initiative is a separate to its pursuit of a direct lending partner to complement ...