Citigroup is about to relaunch its hedge fund operations after two years of underperformance, infighting and investor unease, according to the Financial Times.

Unnamed sources said that the company planned to change the name of the unit from Citi Alternative Investments to Citi Capital Advisors.

The unit has $14 billion under management and includes a private equity arm.

Citi’s chief executive Vikram Pandit joined as head of CAI in 2007; John Havens, another former Morgan Stanley and Old Lane staffer, now oversees CAI.

The FT’s sources said John Dorfman and Jim O’Brien, two other former Morgan Stanley executives who run CAI, wanted to drop the Citi name wholly or in part to try and draw a line under past problems but the idea was rejected.

The anxiety was that dropping the Citi name could precede a spin-off of the hedge fund parts of CAI or the winding down of hedge fund operations.