What a shame.
Desi butcher and Citigroup CEO Vikram Pandit, who’s been butchering Citi jobs even while feeding like a greedy pig at the trough, has to suffer the ignominy of seeing his hedge fund Old Lane shut down following a mediocre performance.
Vikram Pandit
Here’s what the Wall Street Journal (subscription required) reports on the front page today:
Citigroup Inc. is closing a hedge fund co-founded by Chief Executive Vikram Pandit, 11 months after Citigroup bought the fund’s management company for more than $800 million.
Old Lane Partners has been dogged by mediocre returns and the loss of top managers. Citigroup plans to shut it and buy what is left of its assets, according to people familiar with the matter.
Mr. Pandit personally reaped at least $165 million when Citigroup bought Old Lane in July 2007, following its founding the previous year. At the time, many large banks and brokerages saw hedge funds as a lucrative new business. Citigroup was also willing to pay a premium to land Mr. Pandit, who quickly moved up the ladder and became chief executive in December.
From what we can gather, Old Lane has not been a complete