Citigroup snaps up Carlton Hill

Citigroup Inc. has announced plans to buy Carlton Hill Global Capital LLC, a New York-based fixed-income money manager, according to published reports. Citigroup, the United States’ largest bank, suffered a $5.9 billion write-down in the third quarter. Carlton Hill’s co-founders James O’Brien and Jonathan Dorfman will be co-heads of a global fixed income group, published reports said. Mr. O’Brien, president, and Mr. Dorman, chief investment officer, both worked in fixed income at Morgan Stanley, for 19 years and 21 years, respectively. While the terms of the agreement were not disclosed, Carlton Hill will be renamed Citi Credit Strategies, according to published reports.