Former Citigroup equity derivatives group Managing Director Ranesh Menon has opened his own company that will design and manage equity derivative funds, according to Derivatives Week.
Structured Investment Management will be based in Manhattan and focus on serving large Wall Street banks with mutual fund product offerings.
In 2005, Menon sued Citigroup, claiming racial discrimination. Superiors then accused Menon of failing to meet expectations, and fired him. Menon and Citigroup settled earlier this year. The terms were not disclosed, but Menon called them satisfactory for both sides. Presently, Structured Investment Management is a two-man firm and is in the process of designing an equity derivative fund for a bulge bracket firm.