Citigroup's Old Lane loses 5.9% in August

Unprofitable investments in debt and emerging markets have devoured the value of Old Lane, Bloomberg said.
SEP 12, 2007
Investments in debt and emerging markets have devoured the value of Old Lane LP of New York, a hedge fund firm acquired by Citigroup Inc. of New York in August, Bloomberg said. The firm lost 5.9% last month, according to Bloomberg. The declines were far below those of the hedge funds in general, which, as a whole, lost 1.31% in August, according to Hedge Fund Research Inc. in Chicago. Citigroup bought the firm in July for $800 million. For the year so far, Old Lane has had returns of 1.9%, Bloomberg said, citing an investor report. Firms that are multistrategy managers, like Old Lane, gained an average 0.03% during August and have grown 5.71% this year, Bloomberg said, citing Hedge Fund Research.

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