Michael Carpenter, chairman and chief executive of Citigroup’s alternative investments unit in New York, which handles $40 billion in privat...

Michael Carpenter, chairman and chief executive of Citigroup’s alternative investments unit in New York, which handles $40 billion in private equity, hedge funds, real estate and other investments, to start an venture believed to be also in alternative investments.

Lewis Kaden, the company's chief administrative officer, will oversee Citigroup Alternative Investments on an interim basis while a search is conducted for Mr Carpenter's successor. Mr Carpenter is expected to continue to advise management during the transition.

Citigroup have indicated that they would be interested in making a meaningful investment in Mr Carpenter’s new venture.