World financial news

Citigroup says it will restructure hedge fund Old Lane, integrating its investments into Citi’s Securities and Banking business.

The move will be completed during the first quarter. Citi Chief Executive Vikram Pandit was the co-founder of Old Lane, which was sold to the bank in 2007.

Citi (C, Fortune 500) says it will buy some Old Lane hedge fund assets at fair value, which will let Old Lane clients take their money out as of July 31 cheap payday loans. All former Old Lane partners, including Pandit, will keep their investments in the funds. 

Source