Citigroup Shutters Tribeca

Sep 6 2007 | 7:43am ET

Citigroup is a one hedge fund firm again, closing its $2.4 billion Tribeca Global Investments and clearing the field for newly-acquired Old Lane Partners, which becomes the Wall Street giant’s flagship hedge fund product.

“We believe we can best serve our clients by offering a single, multi-strategy hedge fund platform,” John Havens, president of Citi Alternative Investments, wrote in a staff memo yesterday. That platform, of course, is $4.25 billion Old Lane, which Citi paid upwards of $800 million for five months ago. Havens and Citi AI chief Vikram Pandit co-founded Old Lane last year after leaving Morgan Stanley.

Havens said that Tribeca will return assets to investors over the next few weeks; more than 60% of its assets are Citigroup’s. More than half of Tribeca’s 90 staffers will reportedly get a pink slip.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Nicky Hilton To Wed James Rothschild

Aug 20 2014 | 5:23am ET

When it comes to husband-material, socialite Nicky Hilton is sticking with finance...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note