Citigroup Said to Shut $400 Million Proprietary Fund

Bloomberg – Citigroup Inc., the third-biggest U.S. bank, shut a $400 million hedge fund that used the firm’s money and mathematical models to bet on stocks, according to a person familiar with the matter.

The company closed the Quantitative Strategies fund after announcing in April that Shakil Ahmed, the fund manager, would become head of electronic market-making for New York-based Citigroup, according to the person, who declined to be identified because the matter is private. Ahmed also is co-head of electronic trading.

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