Ex-Citi Chief Could Join Protégé's Hedge Fund

Oct 22 2012 | 1:35pm ET

Before he took the reins at Citigroup, Vikram Pandit was—briefly—a hedge fund manager. Now that he's left the bank, however, he's mulling a return engagement with one of his former lieutenants.

Sutesh Sharma, a former money manager at Pandit's Old Lane Partners who founded US$500 million Portman Square Capital in London earlier this year, is eager to add his old boss, the New York Post reports. Pandit is widely seen as a possible fundraising powerhouse in the hedge fund world.

Pandit and Havens abruptly resigned from Citi last week, after a five-year run for the former at the bank's helm. The exits were reportedly due to disagreements with Citi's board over strategy and performance.

The two men arrived at Citi when the bank bought the then-year-old Old Lane for $800 million and quickly installed Pandit as head of its alternative-investments business. But the acquisition was widely seen as a move to make Pandit the heir apparent for the CEO's post, which he duly received at the end of 2007. But the following year, Citi shuttered Old Lane amidst losses.

A Portman Square spokesman told the Post, "we are not commenting on anything to do with Vikram or Citi at the moment."

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