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Citi Adds Another Notch To The Failed Fund Belt

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Citigroup is shuttering Tribeca Convertible LP, a $400 million convertible arbitrage vehicle, the last remaining fund in the dearly departed Tribeca Global Investments family. Citi announced the closing of Tribeca Global in September, though had originally planned to keep Tribeca Convertible within Citi Alternative Investments. A wrench was thrown in said plans when investors began asking for their money back. Citi had previously intended for TriGlo to be its flagship hedge fund when it was set up in 2004, with the hopes of raising $20 billion but in yet another fit of genius from C, shoved it aside and focused on big winner Old Lane.
Citigroup Said to Close Remaining Tribeca Global Fund [Bloomberg]