Wednesday, 29 March 2017
Last updated 17 min ago
May 6 2010 | 12:42pm ET
He can’t stop butting heads with his executives—or keeping them in the fold—but Citadel Investment Group founder Kenneth Griffin remains committed to building an investment bank at the hedge fund giant.
Last week, the investment-banking unit, Citadel Securities, lost its second head in eight months when Griffin asked its global CEO, Patrick Edsparr, to leave. Edsparr, who was also head of Citadel Europe, had taken the reins at Citadel Securities in October following the departure of Rohit D’Souza. Both exits were blamed on disagreements with Griffin.
And it isn’t just at the very top that Citadel Securities has had difficulty holding on to people. Edsparr’s departure is the latest in a series of high-level executives to leave the firm in recent months, among them investment banking chief Todd Kaplan, institutional trading head Peter Santoro and convertible bond chief Brad Begle.
But Griffin, in a memo announcing Edsparr’s exit, said Citadel Securities hasn’t seen “significant turnover” among its staff. The unit also continues to hire, adding Citigroup’s Stavros Tsibiridis as head of mergers and acquisitions, ICAP’s Peter Barsanti as head of equity sales trading and ICP Capital’s Rob Roberto, who runs a new mortgage-backed securities division, Bloomberg News reports.
Citadel has built up a roster of more than 500 institutional clients, Griffin said.