New York – Citigroup Inc.’s hedge fund chief, Dean Barr, has resigned, less than a week after the largest U.S. bank agreed to buy Old Lane LP and install Vikram Pandit as chief of its alternativeinvestments unit.
The resignation was announced Wednesday in a memo to employees of Citi Alternative Investments from Lewis Kaden, the unit’s interim chief executive and Citigroup’s chief administrative officer.
Reuters obtained a copy of the memo, and a Citigroup spokesman confirmed its contents.
Barr resigned as head of liquid alternative investments, responsible for hedge funds, structured finance vehicles, credit derivative trading and other activities. He also stepped down as chief executive of Tribeca Global Management LLC, a hedge fund unit that has overseen about $2.5 billion.
