Citadel Poaches Talent in Asia CHICAGO (HedgeWorld.com) - David Noh is joining Citadel Investment Group LLC as senior managing director and head of Asian merchant banking, adding to recent hires the hedge fund group has made outside the United States.
Citadel Adds Industry Vets CHICAGO (HedgeWorld.com) - Citadel Investment Group LLC hired Nick Taylor as senior managing director and head of principal investments for Asia and Europe. Mr. Taylor joins Citadel from Credit Suisse, where he co-founded and led one of Credit Suisse's internal hedge funds, Modal Capital Partners.
NEW YORK (Reuters) - Hedge fund firm Citadel Investment Group LLC reversed course Monday [Aug. 31], canceling plans to cut its stake in hard-hit online brokerage E*Trade Financial Corp. by about 10%. News that E*Trade's largest stock and bond holder would not sell 120 million shares into the market over the next three months sent E*Trade stock surging as much as 18%.
NEW YORK (HedgeWorld.com) - Citadel Investment Group, LLC appointed Bill King, the former co-head of securitized products at JP Morgan Chase & Co., as senior managing director and head of securitized products. Mr. King will start this August and be based in New York. This appointment follows several others since January, indicating that Ken Griffin's $20 billion Chicago-based hedge fund is looking into investment banks' talent pools for some of its most senior roles. Mr. King's trading responsibilities will include mortgages, asset- backed securities, collateralized debt obligations and commercial mortgage-backed securities, according to a statement released Wednesday [May 28]. A Citadel spokeswoman declined further comment.
NEW YORK (HedgeWorld.com) - Fairfield Greenwich Group, a $16.1 billion New York-based alternative investment firm, has launched a new marketing unit that will act as a placement agent for third- party hedge funds, the firm said Thursday [Jan. 17]. The move illustrates the importance for some hedge fund managers that have reached a critical mass to diversify their business and expand it into areas other than pure investing, such as, in this case, sales. Other large firms have moved into different businesses as well. For instance Citadel Investment Group LLC last year launched a new fund administration unit and beefed up its clearing and brokerage activities.
NEW YORK (HedgeWorld.com) - A Securities and Exchange Commission filing on Tuesday [Dec. 4] by E*Trade Financial Corp. should dispel any doubt about whether Citadel Investment Group LLC got a good deal when it provided a $2.5 billion cash infusion for E*Trade Financial Corp. Tuesday's SEC filing revealed that in addition to the portfolio, Citadel will gain a big chunk of E*Trade's execution business as well. According to the agreement, E*Trade will route its approximately 40% of its customers' orders in exchange-listed stocks and "substantially all" of its customer orders in exchange-listed options to Citadel for the next three years.
NEW YORK (Reuters) - JPMorgan Chase Bank on Thursday [Oct. 23] accused a New York recruitment agency in a lawsuit of helping Citadel Investment Group LLC entice executives to leave the financial institution. According to the lawsuit The IDW Group LLC broke its contract with JPMorgan to provide management and executive search services. The breach of contract included solicitation of Patrik Edsparr, "one of JPMorgan's most senior and valued executives on Citadel's behalf.
BOSTON (HedgeWorld.com) - Jeff Larson, managing partner of Sowood Capital Management LP, held a conference call on Friday [Aug. 3] making the unwinding of his hedge fund official and apologizing to investors for the losses. He said that he planned on returning approximately $1.4 billion to the investors, which is the net asset value he estimated was left after the firm decided to sell its portfolio to Citadel Investment Group LLC, the Chicago-based hedge fund run by Kenneth Griffin,. This number is $100 million short of his initial $1.5 billion estimate.
CHICAGO (HedgeWorld.com) - Citadel Investment Group LLC is at it again - buying on the cheap what nobody else wants in a declining stock market. The Chicago-based hedge fund apparently purchased some of the assets of Sentinel Management Group Inc., the Northbrook, Ill.- based futures commission merchant, whose cash funds have recently been hit by subprime and liquidity-related losses, according to one of Sentinel's clients.
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