Friday, 1 August 2014
Last updated 16 hours ago
Jun 2 2011 | 3:31pm ET
Citigroup has shuttered an internal quantitative hedge fund as the bank continues to slough off proprietary trading operations.
Citi closed its Quantitative Strategies fund in April, after naming fund manager Shakil Ahmed head of electronic market-making, Bloomberg News reports. The fund managed $400 million, all of it internal capital.
The bank did not disclose the fund's performance. Citi, like other banks, is in the process of coming into compliance with the Dodd-Frank financial regulation law, which bars proprietary trading.
Ahmed, who also serves as co-head of electronic trading, has been with Citi since 2008. He joined the firm from Morgan Stanley's quantitative prop. trading desk, the process-driven trading group.
Morgan Stanley is in the process of spinning off PDT as an independent hedge fund, a deal that show close by the end of next year.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…