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Feb 27 2012 | 4:01am ET
A pair of former Citigroup executives have set up a fund of hedge funds in Italy.
Panfilo Tarantelli and Sergio Ascolani founded Tages Capital in Milan last year. The two did not exactly start the new firm from scratch, instead buying UBI Pramerica's alternative investment business in October, Financial News reports.
Tarantelli was head of investment banking at Citi and vice chairman of Citi Europe. Ascolani ran Italian banking at the firm.
Tages recently won authorization from British regulators. The firm boasts eight professionals authorized by the U.K. Financial Services Authority, including chief investment officer Salvatore Cordaro.