Citadel Investment’s Griffin moves away from Convertibles
| September 20th, 2009 | ||
| Ken Griffin, President and CEO of Citadel Investment Group, is shifting his $13 billion hedge fund firm away from convertible-bonds, the trademark strategy that marked his start in the industry 22 years ago. According to a recent Bloomberg article, last year the convertible and relative-values strategies lost 55%. To diversify its business, over the past year Citadel has hired 70 people to operate a new investment banking initiative that seeks to compete with Wall Street Banks. In addition, the hedge fund manager has started three new hedge funds focused on macroeconomic trends, equities, and convertible bonds. Citadel’s flagship funds, Kensington and Wellington, have returned approximately 52% through September 1 but still need an additional 46% return in order to be healthy enough to start collecting performance fees again. | ||
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Citadel Investment Group |
Related People: Brandon Haley;
Related Entities: Citadel Alternative Asset Management;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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