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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of