Hedge Funds

Carpenter to depart Citi's alternatives group

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Michael Carpenter, chairman and CEO of Citigroup Alternative Investments, is leaving the firm after 11 years to launch an unspecified venture in the alternatives field. Citi's alternative investments division manages nearly $40 billion in hedge fund, private equity, real estate and other investments.

Carpenter was a co founder of Citi, also serving as CEO of Travelers Life and Annuity, Salomon Smith Barney and the corporate and investment bank.

Carpenter's decision to leave was reportedly based on a desire to avoid potential conflicts of interest that could arise as he plans his new undertaking. He will remain with Citi until May