Pandit's hedge fund to be restructured -Citigroup

Citigroup Inc said it is looking at restructuring Old Lane, a hedge fund co-founded by Vikram Pandit, the bank's chief executive.

Nearly all investors unaffiliated with the fund have requested to redeem their money from the fund, Citi said in a regulatory filing.

Citi bought Old Lane last year for more than $600 million, but the fund's performance has since been disappointing. Citi wrote down $200 million of intangible assets linked to the acquisition in the first quarter.