Citigroup is shuttering its $2.4 billion hedge fund Tribeca Global Investments, which will eliminate around 50 jobs, according to The New York Times.Fund executives expect to return $500 million to investors over the next few weeks, a person involved with the situation said.

The move is the first significant one since Vikram Pandit took over its alternative investment group. Citigroup acquired Old Lane Partners in April for more than $800 million in order to bring Pandit and his partners on board, and the move will likely improve performance of Old Lane.

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