Citigroup to shut rest of Tribeca fund

Citigroup Inc , the largest U.S. bank by assets, plans to close a $400 million convertible arbitrage fund in a final move to shut down its Tribeca Global Investments hedge fund, Bloomberg News reported on Monday, citing people familiar with the plans.
Tribeca Convertible LP is being shut after investor redemptions, and the fund's managers, Andrew Wang and Jeffry Chmielewski, are likely to leave Citigroup, the report said, citing people familiar with the matter.

Citigroup did not immediately return a call seeking comment.
Convertible arbitrage funds look for relative value opportunities in convertible bonds, as well as emerging markets and price discrepancies in fixed income.

In September last year, Citigroup said it plans to close its $2.4 billion Tribeca Global Investments hedge fund.