Citi Quits Hedge Fund FiveT

Apr 30 2010 | 11:31am ET

Citibank has yanked its investment from a hedge fund it helped seed.

The Wall Street giant has redeemed its investment from FiveT Capital, which has followed up a strong 2008—when most other hedge funds were losing double-digits—with 14 months of underperformance. Citibank pulled its allocation to the Swiss equity long/short fund earlier this year, HFMWeek reports.

Nor is Citi alone: FiveT’s clients withdrew half of their assets from the firm in February.

FiveT is down 11.28% this year through February, after losing 9.06% in 2009.

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