Griffin Roadshow Seeks To Sell New Citadel Hedge Funds

Jun 9 2010 | 9:52am ET

It may be an indignity for the likes of Steven Cohen to have to hawk his hedge funds personally, but at least it’s not an indignity that the SAC Capital Advisors founder is suffering alone.

Citadel Investment Group’s Kenneth Griffin has also hit the road to drum up interest in two new hedge funds it has launched, one a global macro offering and the other a long/short global equities fund. But he faces a world wary of star hedge fund managers who took a beating in 2008, Crain’s Chicago Business reports.

Griffin and Cohen are not used to having to actively lure investors; prior to the financial crisis, things were the other way around, with investors clamoring to get into the (usually closed) funds. But Griffin’s flagships plunged 55% last year and remain below their high-watermarks, and Griffin himself has spent much of the last several years trying to build a full-service investment bank within Citadel.

Griffin may also be hampered by the fact that both the Kensington and Wellington funds imposed redemption restrictions in 2008. But the new funds have eschewed the multistrategy approach of the old funds, and will charge lower fees.

Citadel had hoped to raise more than $1 billion for the two single-strategy funds. As of the firm’s last regulatory filing, they had netted $164 million.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note