Despite Departures, Citadel Continues To Build I-Bank

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.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...