Citigroup Alternative Investments (CAI) has named Raymond Nolte as the new Chief Executive Officer of the company's funds of hedge funds group.


In addition, Nolte -- who will be based in New York and will report directly to David J Vogel, Chief Executive Officer of the Citigroup Global Funds of Funds group -- will be responsible for the Hedge Forum product, the group's single manager platform.


Nolte will also serve as a member of the CAI Management Committee and as Chairman of the Hedge Funds of Funds Investment Committee when he takes up his new position on 1 September.
 
"Ray brings an incredible wealth of expertise in the hedge fund arena to Citigroup Alternative Investments," said Vogel. "His in-depth and extensive background in this very specialized market segment will significantly enhance and strengthen our business platform globally."


Speaking about his appointment, Nolte said: "This is a unique opportunity for me. Citigroup Alternative Investments is a premier organization that is on the cutting edge of new product development and meeting the needs of the clients it serves. It will be great to join such a well-respected team and I look forward to the many challenges ahead."


Nolte was a Managing Director and Vice Chairman of the Deutsche Bank Absolute Return Strategies Fund of Funds and the Single Manager Hedge Fund business. In a career spanning over 20 years at Deutsche Bank/Bankers Trust Company, he established the Bankers Trust fund of funds business and launched the first fund of funds, the Topiary Fund, in 1997.


Earlier in his career, he served as the head of the global portfolio management group responsible for managing global balanced portfolios for high net worth clients. Nolte holds a BS in business administration from The George Washington University.


Background notes: Citigroup Alternative Investments is an alternative investment platform that manages a wide range of products across five asset classes, including private equity, hedge funds, real estate, structured products and managed futures. CAI manages capital on behalf of Citigroup, as well as third-party institutional and high net worth investors. As of June 30, 2005, CAI had approximately USD 42.8 billion of un-levered assets under management, ranking CAI among the world's largest alternative asset managers.


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