Thursday, 25 December 2014
Last updated 17 hours ago
Mar 17 2009 | 3:22am ET
Citigroup’s CEO and another top executive have each lost $20 million invested in the hedge fund they founded before joining the troubled bank.
Vikram Pandit and John Havens, who leads Citi’s institutional clients groups, have each received $20 million less than the amount they invested in Old Lane Partners, Financial News reports. Citi has since shut down Old Lane, which it bought for more than $800 million in July 2007, just a year after Pandit and Havens founded it following their departures from Morgan Stanley.
Pandit and Havens could yet cut or eliminate that loss through further payouts, according to Financial News. Pandit, at least, has already more than made up for the loss: His compensation package last year was valued at more than $38.2 million.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.