Citi and Merrill Lynch announced more plans to sell chunks of themselves to sovereign funds. Citi said it would raise at least $14.5 billion and announced a widely anticipated cut in its dividend of 41 percent, as it posted its first quarterly loss since its creation in 1998. Nearly half of the money is coming from Singapore. Other investors include the Kuwait Investment Authority, Saudi Prince Alwaleed bin Talal (pictured), the asset management firm Capital Research & Management, the state of New Jersey, and former Citigroup Chief Executive Sanford “Sandy” Weill. Alwaleed previously came to Citi’s rescue in 1991, when he invested $590 million its predecessor Citicorp. “I am surprised about the dividend cut. I had thought with the money they are bringing in from a lot of sovereign wealth funds they’ll be able to keep the dividend,” said Matt McCall, president of Penn Financial Group.

Merrill said it would issue $6.6 billion in preferred mandatory convertible shares to the Kuwait Investment Authority, The Korean Investment Corp and a unit of Japan’s number two bank, Mizuho Financial Group. The deal amounts to about a 14 percent stake in the bank.

Sun Capital Securities Group has launched a tender offer for Kellwood Co. Through its affiliate Cardinal Integrated, Sun is offering $21 a share, and said it would cut the offer to 19.50 if Kellwood goes through with a suggested debt offering. Kellwood, which owns clothing brands Baby Phat and Hollywould, rejected a $21-per-share offer from Sun last year.