Friday, 24 March 2017
Last updated 16 min 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.