Tribeca Global Management, the hedge fund arm of Citigroup Alternative Investments, has opened its multi-strategy hedge fund platform in Sin...

Tribeca Global Management, the hedge fund arm of Citigroup Alternative Investments, has opened its multi-strategy hedge fund platform in Singapore, where the flagship hedge fund's Asia operations will be headquartered. Albert Ee, formerly of the Government of Singapore Investment Corporation (GIC), has been appointed president of Tribeca Global Management in Asia. "The hedge fund industry is at a turning point," said Tanya Styblo Beder, chief executive of Tribeca Global Management. She added: "The growth of institutional participation is rapidly outpacing individual participation - leading to the need for a long-run, institutional platform. The new Asia trading platform will allow Tribeca Investments to meet these needs." Commenting on the set up of Tribeca in Singapore, Mr Ee said, "The hedge fund industry in Singapore is reaching a critical mass. Coupled with the growth in private banking activities, Singapore will be a truly exciting place for fund management." Citigroup has pledged to allocate up to $2 billion as initial capital to Tribeca and target growth of assets under management from investors of $10 billion. During the last 12 months Tribeca has recruited dozens of traders and launched 14 trading strategies. It is hoped that there will be as many as 50 strategies in the flagship hedge fund platform globally.