{"id":7878,"date":"2008-06-12T00:00:00","date_gmt":"2008-06-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"citigroup-to-close-pandit-founded-hedge-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2008\/citigroup-to-close-pandit-founded-hedge-fund.html","title":{"rendered":"Citigroup to close Pandit founded hedge fund"},"content":{"rendered":"<p>Times Online- Citigroup is to close an $800 million hedge fund co-founded by its chief executive Vikram Pandit, following bad returns and the loss of top managers. <\/p>\n<p>The US investment bank will now buy what is left of Old Lane Partners&rsquo; assets and be forced to further write down the value of the fund in the second quarter, <em>The Wall Street Journal <\/em>reports. In the first quarter Citigroup wrote down the value of the fund by $202 million to reflect investor redemptions. <\/p>\n<p>Old Lane&rsquo;s closure is the latest blow for Citigroup, which has struggled with sub-prime mortgage related losses, losing nearly $15 billion in the last two quarters, forcing it to cut jobs and sell businesses. <\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/business.timesonline.co.uk\/tol\/business\/industry_sectors\/banking_and_finance\/article4118594.ece\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Times Online- Citigroup is to close an $800 million hedge fund co-founded by its chief executive Vikram Pandit, following bad returns and the loss of top managers. The US investment bank will now buy what is left of Old Lane [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[140,570,67,795,145,63,147,129,421,794,796,793,236],"class_list":["post-7878","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-alan-greenspan","tag-charge-offs","tag-chief-executive","tag-credit-cards","tag-curbs","tag-first-avenue","tag-journalism","tag-losses","tag-nutmeg","tag-prime-brokers","tag-screws","tag-simons","tag-trillion"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7878"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7878\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}