Tuesday, 2 September 2014
Last updated 11 hours ago
Jul 1 2011 | 12:40pm ET
Citigroup will tomorrow pay its last installment on Old Lane Partners, the hedge fund founded by now-CEO Vikram Pandit, four years after buying it and three years after shutting it down.
Citi will pay Old Lane's three founders, Pandit, Citi chief operating officer John Havens and Citi chief risk officer Brian Leach $168.6 million. Pandit, who is currently working on a $1 salary at the bank's top executive, will get $80 million, as will Havens, while Leach will have to settle for $8.6 million.
Citi agreed to pay $800 million for the hedge fund. At the time, most of the $165 million Pandit got was supposed to remain invested in Old Lane, but Citi pulled the plug in the summer of 2008.
Pandit's final payment will be locked up for one year in a Citi Private Bank account.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...