Citigroup Inc. announced plans Tuesday to open its hedge fund, Tribeca Global Management LLC, to investors this year.
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Michael Carpenter, the chairman and chief executive of Citigroup Alternative Investments, said it will open up the hedge fund to increase its asset base 10 times over.
Tribeca, which was started last year, has $2 billion of assets exclusively from Citigroup itself. The parent company aims to enlarge the fund to up to $20 billion within three years by marketing the product, particularly to large institutional investors.
