New York Times – Citigroup named Dean Barr as the head of its Tribeca Global Management unit, succeeding Tanya Styblo Beder, in an effort to jump-start the hedge fund unit\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s sagging returns.<\/p>\n
Ms. Beder, 50, joined Citigroup in May 2004 to help build Tribeca, which oversees $2.1 billion in assets. A Citigroup spokesman, Jon Diat, said that Ms. Beder would remain an adviser to the bank.<\/p>\n
Mr. Barr, 45, who as head of so-called liquid investments at Citigroup Alternative Investments supervised Tribeca and Ms. Beder, will retain his previous responsibilities.<\/p>\n
Citigroup\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s hedge funds had negative trading revenue in the three of the last six quarters. In the second quarter, the funds lost $43 million.<\/p>\n
\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe believe these changes will further enhance the investment performance, operational efficiency and the strategic development of the business,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Mr. Barr and Lewis B. Kaden, Citigroup\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s chief administrative officer and interim head of the alternative investments division, said a memorandum to employees last week.<\/p>\n