Citadel Opens Boston Seeding Office

Sep 15 2010 | 12:03pm ET

One could say that Citadel Investment Group got its start in Boston. Or very nearly Boston, anyway: Founder Kenneth Griffin started trading while an undergraduate at Harvard University, just across the Charles River. Now, the hedge fund giant is back, with a new office in the Hub to incubate new hedge funds.

The $11 billion Chicago-based firm has opened the office in the heart of Boston’s financial district. The new digs will house nascent hedge funds launched by promising managers, many from the mutual fund world, who will manage seed money provided by Citadel for two years to build up a track record. The new firms will then seek to raise outside money—with Citadel’s help, of course.

Citadel has already hired three managers for the new office, according to the Boston Globe. They include Michael Elvin, who formerly managed technology portfolios at Fidelity Investments’ Pyramis Global Advisors.

“We’re hopeful that we can create the next layer of brightest and most talented money managers,” Jon Venetos, the Citadel managing director running the new venture, told the Globe. Citadel said that its program would help, in effect, de-program Boston money managers’ mutual-fund instincts and teach them how to run a hedge fund.

Venetos told the paper that the State Street office could house as many as 40 employees within a year.

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