September 09, 2006
Citigroup Revamps Hedge Fund
Citigroup Inc., the biggest U.S. bank, replaced Tribeca Global Management LLC head Tanya Styblo Beder with Dean Barr in an effort to jumpstart the hedge-fund unit's sagging returns. Citigroup's hedge funds had negative trading revenue in the three of the past six quarters. Bloomberg.com reports:
"We believe these changes will further enhance the investment performance, operational efficiency and the strategic development of the business,'' Barr and Lew Kaden, Citigroup's chief administrative officer and interim head of the alternative- investments division, said in a Sept. 7 memorandum to employees.
Read more: Citigroup's Barr Replaces Beder as Head of Tribeca Hedge Fund
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