Thursday, 31 July 2014
Last updated 5 hours ago
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.
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…