Citigroup Alternative Investments is in the process of winding down its multistrategy hedge fund business, Tribeca Global Investments unit, according to source with knowledge of the companys plans.
The sole remaining client in CAIs last hedge fund, the Tribeca Convertible LP fund, has asked to redeem its $400 million investment. The fund will close and its portfolio managers, Andrew Wang and Jeffrey Chmielewski, likely will leave the firm and start their own hedge fund, said the source who asked for anonymity.
Most of the once $2 billion unit, founded in 2004, has been disbanded.
Jon Diat, a CAI spokeman, declined to comment