The replacement of Tanya Styblo Beder as head of Citigroup's Tribeca Global Management hedge fund unit with Dean Barr is not the only alternatives changes going on at the investment bank. Barr, who joined the firm in November as head of liquid investments at Citigroup Alternative Investments, will add Beder's CEO duties to his plate. Beder will remain with Citi as an adviser, while Oliver Dobbs and Dan McAuliffe have been tapped as chief investment officer chief operating officer, respectively. Meanwhile, in other doings, Citigroup has announced the launch of its hedge fund administration business in Asia to better compete with leaders HSBC Holdings and Fortis. "Many of our asset managers are already asset managers in Asia," Citi's Richard Ernesti told Reuters, "but now they want to be serviced in the same time zone." Finally, the investment bank is spinning off its Citigroup Venture Capital unit, which will now be called Court Square Capital. According to Citi spokeswoman Olivia Baker, the new firm will focus on private equity and the banks "will not have any ownership interest in the new firm," to avoid potential client conflicts, as reported by Financial News. FN also noted that Citigroup will still have its hand in private equities through its $2.5 billion Citigroup Private Equity co-investment fund, as well as two other separate businesses, Citigroup Venture Capital International and CVC Equity Partners. According to FN, these two businesses present no conflict with Citigroup's core business because they have "different objectives."