Citi and Credit Suisse make alternative moves

Citi acquires hedge fund Old Lane, while Credit Suisse hires a private equity team from Ritchie Capital Management.

Two announcements in the last week have reinforced how critical a presence in alternatives is becoming to the future strategy of global banks. It also shows that banks will adopt non-traditional strategies to bring on board the people they feel are best suited to lead this business.

On April 13, Citi said it would buy 100% of Old Lane Partners - a global, multi-strategy hedge fund and a private equity fund with total assets under management and private equity commitments...

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