Pandit In As Head Of Citi Investment Banking, Maheras Out

Oct 12 2007 | 7:30am ET

Vikram Pandit hasn’t been at Citigroup for very long, but that doesn’t mean the founder of hedge fund Old Lane wasn’t in line for a promotion.

As part of a wide-ranging management shakeup at the Wall Street giant, Citi merged its alternative investments and investment banking group, putting Pandit in charge. Pandit, who joined Citi this year when it purchased his Old Lane hedge fund, is now chairman and CEO of the newly dubbed Institutional Clients Group.

“The new operating structure will enable us to continue to use our capital actively but in a more efficient way, keep moving towards higher margin businesses, continue to diversify our sources of business, and employ world-class talent that has a relentless focus on serving our clients,” Citigroup CEO Charles Prince said. “Vikram Pandit is the right person to lead our effort to accelerate that progress.”

The new operating structure has no place for Tom Maheras. The co-head of investment banking has left the firm after 23 years to pursue other interests.

Joining Pandit, a former Morgan Stanley executive, in the new group are Michael Klein, who remains co-CEO of markets and banking, and James Forese, who was named co-CEO. Old Lane co-founders John Havens and Guru Ramakrishnan are also part of the new structure, as president and CEO of CAI and president and CEO of Old Lane, respectively.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note