Citi Execs. Lose $20 Million In Defunct Hedge Fund

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.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of