It’s official:

Citigroup agreed to buy hedge fund Old Lane Partners as part of a deal that puts a former top executive at Morgan Stanley at the head of its alternative investments group. Citigroup, the global banking giant, has spent months courting the executive, Vikram Pandit, who left Morgan Stanley in 2005 after he was blocked for a chance at running the investment bank. Financial terms were not disclosed, but The New York Times reported Friday that the transaction was expected to cost $600 million to $800 million.

Citi Gets Its Hedge Fund, and Its Banker [Dealbook]

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