Old Lane LP, the hedge-fund firm acquired two months ago by Citigroup Inc., lost 5.9 percent in August, quadruple the industry's average decline, as bond and emerging markets fell.
The drop left funds run by Old Lane with a 1.9 percent gain for the year, according to an investor report that was obtained by Bloomberg. The New York-based manager, which oversees $4.4 billion, trailed the average 1.31 percent loss for all hedge funds last month, the industry's worst performance since May 2006, according to Chicago-based Hedge Fund Research Inc.
...Pandit, 50, who founded Old Lane last year after leaving New York-based Morgan Stanley, became head of Citi Alternative Investments in July as part of the bank's purchase of his firm. The Citigroup division oversees about $59 billion, including real estate and private-equity assets. It has about $23 billion in hedge-fund assets, including client money allocated to outside managers.
Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of information and networking services to the private equity and venture capital ecosystem in India. View free samples of Venture Intelligence newsletters and reports.