Morgan Stanley
Pandit spent 22 years at New York-based Morgan Stanley before quitting in 2005 amid a power struggle under then-CEO Philip Purcell. Havens, who ran equities at Morgan Stanley, quit around the same time and in 2006 helped Pandit start Old Lane.
Citigroup bought the hedge fund in 2007 for $800 million and incorporated it into Citi Alternative Investments, the bank's private-equity, real estate and hedge-fund investment division. Pandit was placed in charge of the unit, which had lacked a full-time CEO for about a year.
The bank shut the fund shortly into Pandit's reign as CEO, amid a spate of hedge-fund failures, purchasing its assets and allowing investors to take their money out.