Friday, 26 December 2014
Last updated 1 day ago
Mar 31 2011 | 3:08am ET
Citadel Investment Group is liquidating a residential mortgage hedge fund in the wake of its manager's exit.
The Chicago-based hedge fund giant is closing the $200 million fund less than a year after it debuted in June, Bloomberg News reports. But some investors, spooked by the March 7 resignation of manager Bill King, told the firm they would redeem their investments, leading Citadel to pull the plug.
The firm, which has $11 billion in assets, may also shutter a $100 million offshore version of King's former fund. The fund is up about 9% since inception.
King, who worked at Citadel for about three years, quit after the firm named Glenn Perillo, a close associate of Citadel founder Kenneth Griffin, co-manager of the mortgage funds. Perillo will continue to manage a $700 million separate account employing the strategy for a sovereign wealth fund.
Griffin and Perillo worked together on Citadel's investment in troubled online brokerage E*Trade Financial Corp.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.