GO
Loading...

Citigroup Buys Old Lane; Pandit to Run Citi Alternative Investments

Citigroup said it is acquiring Old Lane Partners, an alternative
asset manager co-founded by former Morgan Stanley executive Vikram Pandit.

Pandit will become chief executive of Citi Alternative Investments, a spot left open after Michael Carpenter left in March 2006.

Citi is only the latest Wall Street bank to buy an alternative asset manager, but several industry watchers said earlier this week the deal may also be motivated by the bank's
desire to recruit management talent.

Pandit is seen as being on a short list to possibly run Citigroup in the future.

Old Lane has about $4.5 billion of assets under management and private equity commitments.

Terms of the deal were not disclosed. Initial estimates made before the buyout was confirmed put a $600 million price tag on Old Lane.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • This Nashville antebellum estate is a true Southern Belle. Built in a Greek-revival style, it has a two-story colonnade that wraps almost entirely around the house. You may find yourself seduced by one of the many rocking chairs you'll find on the terrace. There you can relax for hours, looking out over the estate's more than five acres of land. But just wait until you walk through the French doors into the foyer. There you will see a three-story elliptical staircase that may look familiar. (It appeared on the TV series Nashville.) Y'all will never want to leave.

  • CNBC consumer reporter Kelli Grant offers tips on how to get the best deal on car insurance

  • Thomas Donohue, Chamber of Commerce CEO, shares his thoughts on tax inversions. We pay the highest tax rate and pay it twice, says Donohue.