Citigroup hedge funds chief resigns

Less than a week after Citigroup Inc. agreed to purchase Old Lane LP and tap Vikram Pandit, its founder, to become head of Citi Alternative Investments, Citigroup’s Dean Barr has resigned as head of liquid markets. He also resigned as chief executive of the bank’s Tribeca global management unit. The resignation was announced in a memo to employees of Citi Alternative Investments from Lewis Kaden, interim chief executive and Citigroup's chief administrative officer. Mr. Barr joined Citigroup in November 2005 to build out its hedge fund platform and was "instrumental to its success," according to the memo. Mr. Pandit co-founded Old Lane in 2005, after he left Morgan Stanley in New York, where he was the chief of institutional securities. New York-based Citigroup plans to purchase Old Lane for $800 million. (InvestmentNews, April 13) Old Lane is based in New York.