Citigroup Inc. shut a $400 million hedge fund that used the firm's money and mathematical models to bet on stocks, according to a person familiar with the matter.
The company closed the Quantitative Strategies fund after announcing in April that Shakil Ahmed, the fund manager, would become Citi's head of electronic market-making, according to the person, who declined to be identified because the matter is private. The fund had no outside investors, the person said. Ahmed is also the bank's co-head of electronic trading.
