Thursday, 2 October 2014
Last updated 14 min ago
Apr 13 2007 | 1:14pm ET
Citigroup is laying of 17,000 employees to cut costs, but the world’s largest bank is sparing no expense to procure the services of one man.
Citi has reportedly struck a deal with Vikram Pandit, a former Morgan Stanley executive, that will make him head of the firm’s Citi Alternative Investments division, and a possible future successor to CEO Charles Prince. The price? As much as $800 million for Pandit’s 13-month-old hedge fund, Old Lane.
The agreement is expected to be announced before Citigroup’s annual meeting on Tuesday, The Wall Street Journal reports.
The final price for Old Lane, an India-focused hedge fund that has raised $5 billion during its short life, will depend on the fund’s performance, meaning Citi could be on the hook for more (or less) than $800 million. The Journal reports that the fund returned 6.9% in the 12 months through February.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...