Tribeca Global Investments will soon be no more.

Citigroup is closing the last remaining Tribeca fund, a $400 million convertible arbitrage vehicle. The firm had originally planned to keep Tribeca Convertible within Citi Alternative Investments after announcing plans to close three-year-old Tribeca Global in September. But plans changed after following investor redemptions, Bloomberg News reports.

Tribeca Convertible’s managers, Andrew Wang and Jeffry Chmielweski, are expected to leave Citi.

The closing of Tribeca Convertible comes on the heels of the bank’s decision to shutter Old Lane Partners, the hedge fund founded by CEO Vikram Pandit, and its Falcon Strategies hedge funds.

Tribeca Convertible is down 5% this year, after returning 5% last year and 20% in 2006.

Citi set up Tribeca as its flagship hedge fund group in 2004, with hopes of raising some $20 billion. Instead, it raised just $2 billion at its peak and was shoved aside as the firm’s top hedge fund after the acquisition of Old Lane last year.