Citigroup is closing its Tribeca Convertible fund, the last vestige of the firm’s nearly defunct Tribeca Global Management hedge fund platform.
Formed in 2004, Tribeca Global was intended to attract as much as $20 billion and make Citigroup a global power in the hedge fund industry. The venture fizzled following mostly lackluster results and changing leadership.
At the outset, Citi hired Tanya Beder, formerly of Caxton Associates, to oversee Tribeca’s investments. She left in September 2006 amid mixed performance. Her replacement, Dean Barr, resigned in April 2007, less than a week after Citigroup acquired $4.5 billion Old Lane