Citi Closes Flagship Hedge Fund

Stephen Harris

7 September 2007

Citi is closing down its Tribeca multi-strategy hedge fund in favour of its Old Lane platform which will become its flagship product in this space, according to an internal memo. Sources close to Citi said that the closure is for structural and strategic reasons and has nothing to do with Tribeca’s performance. Over the next few weeks, Citi will redeem assets currently held in Tribeca Global Investments and offer the Old Lane multi-strategy product to its clients. The memo says that it will strengthen its close working relationship between CAI and Global Wealth Management by creating a feeder fund that facilitates investments in Old Lane, which currently has nearly $4.25 billion of assets under management. Gay Huey Evans, head of Tribeca Global Investments in Europe will remain as head of governance in Europe whilst looking for another role within Citi.