Friday, 1 August 2014
Last updated 1 hour ago
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.