December 24, 2008 / 5:12 AM / 10 years ago

Citigroup, Old Lane executives to sever ties- WSJ

Dec 24 (Reuters) - Citigroup Inc (C.N) will sever ties with senior executives of hedge fund Old Lane Partners LP by December 31, the Wall Street Journal reported on its website.

Old Lane, which was co-founded by Vikram Pandit before he became Citigroup’s chief executive, was bought by Citigroup last year for more than $800 million but faced redemption requests from nearly all investors unaffiliated with the hedge fund earlier this year, the paper reported.

Old Lane CEO Guru Ramakrishnan and other senior executives recently signed separation agreements with Citigroup, the paper said, citing people familiar with the matter.

A Citigroup spokeswoman declined to comment when contacted by Reuters.

Ramakrishnan, Old Lane Chief Financial Officer Jonathan Barton and other executives have fielded inquiries about possibly running alternative-investment businesses, the Journal said, citing a person familiar with the situation.

Old Lane’s executives could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore)

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