New York Times – Citigroup named Dean Barr as the head of its Tribeca Global Management unit, succeeding Tanya Styblo Beder, in an effort to jump-start the hedge fund unit’s sagging returns.
Ms. Beder, 50, joined Citigroup in May 2004 to help build Tribeca, which oversees $2.1 billion in assets. A Citigroup spokesman, Jon Diat, said that Ms. Beder would remain an adviser to the bank.
Mr. Barr, 45, who as head of so-called liquid investments at Citigroup Alternative Investments supervised Tribeca and Ms. Beder, will retain his previous responsibilities.
Citigroup’s hedge funds had negative trading revenue in the three of the last six quarters. In the second quarter, the funds lost $43 million.
“We believe these changes will further enhance the investment performance, operational efficiency and the strategic development of the business,†Mr. Barr and Lewis B. Kaden, Citigroup’s chief administrative officer and interim head of the alternative investments division, said a memorandum to employees last week.
