As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 15 hours ago
Mar 17 2006 | 12:00am ET
Michael Carpenter, chairman and chief executive officer of Citigroup Alternative Investments, is leaving the firm to start his own venture in the alternatives industry, and Citigroup may be an investor in his new firm.
In an internal memo obtained by FINalternatives, Carpenter wrote that he has had a longtime interest in striking out on his own. “In order to finalize my planned venture, which will likely be in the alternative investment space, and avoid potential conflicts of interest, it is appropriate that I leave Citigroup now,” he wrote in an email to his colleagues Thursday. “Citigroup has indicated that it will seriously consider making an investment in my new venture.”
In a separate internal memo, Citigroup CEO Charles “Chuck” Prince wrote, “I have communicated to Mike that we are supportive of his new venture and hope to be able to make a meaningful investment.”
Carpenter’s final day at the firm will be May 1. In his time at the firm he has served in various roles including ceo of Salomon Smith Barney, Travelers Life & Annuity, Citigroup Corporate and Investment Bank and, most recently, Citigroup Alternative Investments.
Lew Kaden, Citigroup’s chief administrative officer, will oversee CAI on an interim basis while a search for Carpenter’s successor is underway.
CAI’s policy committee, which includes Kaden, Prince, Robert Rubin, Citigroup director, and William Comfort, chairman of Citigroup Venture Capital, will continue to provide guidance on strategic matters. Carpenter will remain a member of the CAI’s investment committee and will advise the firm’s management during the transition period.