Citi, JPMorgan opt Out of $1.4 billion SBI Funds IPO on fees

Some of Wall Street’s biggest banks have opted out of advising on a planned $1.4 billion initial public offering of India’s SBI Funds Management Ltd. because of low fees, according to people familiar with the matter.Citigroup Inc., which was part of the initial list of mandated advisers, pulled out over fees, the people said, asking not to be identified while discussing private matters. SBI Funds later replaced Citi with Jefferies Financial Group. JPMorgan Chase & Co. also decided not to pursue the transact ...