Citi buys Old Lane

Citigroup has bought US hedge fund Old Lane and appointed its co-founders to key positions in its hedge fund business.

Vikram Pandit becomes chief executive of Citigroup Alternative Investments (CAI) and John Havens joins the division as president.

The pair will start their new jobs when the deal is completed in the third quarter. Based in New York, Pandit and Havens will report to Citi’s chairman and chief executive, Charles Prince, and to the chairman of the executive committee, Robert Rubin.

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