New York – Citigroup Inc. on Friday hired a new manager for its Citi Alternative Investments unit by buying the man’s hedge fund.
New York-based Citigroup, the nation’s largest financial institution, said it has reached a definitive agreement to purchase Old Lane Partners, which it described as “the highly regarded manager of a global, multi-strategy hedge fund and a private equity fund” with assets of $4.5 billion.
Financial terms were not disclosed in the announcement.
Citi said the deal was expected to close in the third quarter and that Old Lane “will operate as part of Citi Alternative Investments.”
