Citigroup to acquire Old Lane Partners, L.P.; Vikram Pandit to be named CEO of Citi alternative investments

Citi and Old Lane Partners, L.P. announced today that they have reached a definitive agreement for Citi to acquire 100% of the outstanding partnership interests in Old Lane Partners, LP and Old Lane Partners, GP, LLC, the highly-regarded manager of a global, multi-strategy hedge fund and a private equity fund with total assets under management and private equity commitments of approx $4.5 bln. Old Lane will operate as part of Citi Alternative Investments, Citi's integrated alternative investments platform. The financial terms of the transaction are not being disclosed.