Tribeca Capital | Oliver Dobbs | Hedge Fund Notes

Tribeca Capital

Tribeca Capital | Hedge Fund Notes

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Resource #1: Citigroup Alternative Investments is shutting down its Tribeca Capital Management hedge fund as its new leader, Vikram S. Pandit, puts his stamp on the long-overlooked division, The New York Times reported Wednesday.

The move follows Citigroup’s purchase in April of Old Lane Partners, a similar hedge fund founded by Mr. Pandit, in a deal valued at more than $800 million. The closing is intended to eliminate the overlap between the two investment platforms.

More than half of Tribeca’s 90 employees, from portfolio managers to support staff, were told Wednesday that their jobs would be eliminated, according to a person close to the situation. (The internal memo sent to Citi’s employees is after the jump.)

Citigroup said that Tribecca would return the $2.4 billion that the fund managed to investors. About $1.5 billion was money that Citigroup had invested. However, Citigroup expects only about $500 million will be redeemed by other investors, this person said. source

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Tags: Tribeca Capital, Citi/Tribeca, Tribeca Capital Management, Tribeca Capital Hedge Fund, Oliver Dobbs, Albert Ee, Gay Huey Evans, Steve Geovanis, Rick Harrel, Sofia Katzap, hedge fund, hedge funds