Citigroup Reached Deal to Carve Out Hedge Funds Before Shakeup

Citigroup Inc. (C) agreed to move a stable of internal hedge funds to an entity controlled by“certain employees” in a deal reached before the bank’s top two executives, Vikram Pandit and John Havens, left this week.

The bank disclosed the move, calling it a “carve-out,” in a footnote to a quarterly financial supplement posted on its website Oct. 15. The funds have been housed in the Citi Capital Advisors division, which was overseen by then-Chief Operating Officer Havens. He said in March that the company was looking to let managers take a “significant” stake in the funds.

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