Thursday, 20 November 2014
Last updated 2 hours ago
Aug 12 2011 | 11:26am ET
Citadel Investment Group may be selling its troubled investment bank, but it hasn't given up on banking entirely.
The $11 billion Chicago-based hedge fund has taken a big stake in boutique investment bank Evercore Partners, the firm founded by former Deputy Treasury Secretary Roger Altman that boats White House Chief of Staff William Daley among its alumni.
Citadel disclosed today that it had boosted its stake in Evercore roughly seven-fold and that it now owns about 5.2% of the bank. That makes the hedge fund Evercore's second-largest shareholder after Fidelity Investments.
Citadel is currently seeking a buyer for its three-year-old investment banking advisory business. Yesterday it made a series of deep cuts in its investment banking unit, Citadel Securities, including a large number of layoffs at its New York office and the elimination of its equity research operation.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...