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Citigroup Shuts Down Under-Performing Tribeca Hedge Fund

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Citigroup is shutting down its Tribeca hedge fund. It’s not a blow-up. It’s not getting redeemed up it’s assets. Its just duplicative of the strategy of Old Lane, which it bought for $800 million a few months ago.
Or so they say. (Actually, or so Bloomberg says they say. We haven’t seen the internal Citi memo yet. If you got, send it our way. We’ll keep the identity of our source confidential, of course.) The fund was underperforming the market. And Bloomberg’s report leads with the fact that it is returning money to clients rather than pressuring them to roll into the new fund. It sounds like some investors must have been pretty unhappy.
About fifty people will lose their jobs.
Citigroup to Shut Tribeca Hedge Fund, Expand Pandit's Old Lane [Bloomberg]