Dean Barr, head of Citigroup’s hedge funds unit, is expected to leave the group following the appointment last week of former Morgan Stanley executive Vikram Pandit to head Citigroup Alternative Investments.
Mr Barr, a former chief investment officer at Deutsche Asset Management, spent two years running his own hedge fund, Thunder Bay, before being recruited 18 months ago to CAI.
He was considered by some to be in the running to head CAI when Michael Carpenter, chief executive of the unit, quit a year ago. Mr Barr is head of liquid alternative investments, which includes hedge funds, managed futures and structured finance.
Citigroup announced last week that it would buy Mr Pandit’s 13-month-old hedge fund, Old Lane, and secure his services to head CAI. It is expected to pay more than $600m for Old Lane, a figure that has raised eyebrows in the industry. Mr Pandit will also join the list of possible successors to Chuck Prince as chief executive of Citigroup.
