citi-and-credit-suisse-make-alternative-moves

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 of $4.5 billion. Old Lane will now operate as part of Citi Alternative Investments CAI. Financial terms of the transaction have not been disclosed but media has speculated that Citi will pay more than...
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