Citigroup negotiates for hedge fund

Citigroup Inc. is in talks to purchase Old Lane LP, a hedge fund run by former Morgan Stanley executive Vikram Pandit for more than $600 million, according to a Wall Street Journal report.
APR 09, 2007
Citigroup Inc. is in talks to purchase Old Lane LP, a hedge fund run by former Morgan Stanley executive Vikram Pandit for more than $600 million, according to a Wall Street Journal report. Mr. Pandit, who previously ran Morgan Stanley's institutional securities business until 2005, would become chief executive of the alternative investments division at the bank, if a deal is completed. He also could become a candidate to eventually succeed Citigroup chief executive Charles Prince, the newspaper said. Old Lane, which has investments in India and is thought to have more than $4 billion in assets under management, would become part of Citigroup's hedge-fund management business, a lucrative and rapidly expanding area for Wall Street banks. The fund's emphasis on India could be a particular draw, given Mr. Prince's focus on aggressively expanding in the country, the report said.

Latest News

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income