Citi inks deal with Old Lane

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Citigroup has reached an agreement to purchase Old Lane, the New York multistrategy hedge fund firm launched 13 months ago by Vikram Pandit and other Morgan Stanley émigrés, according to The Wall Street Journal.

Old Lane, which launched in 2006, recently joined the Absolute Return Billion Dollar Club, having accumulated assets of $4 billion as of January 1. The firm employs a 125-person staff and has reportedly netted a gain of 6.9% in the 12 months ending February 28.
 
The firm was cofounded by Pandit along with John Havens, Morgan’s former global head of equities, and Guru Ramakrishnan,