Citadel Execution President To Retire In June

May 25 2012 | 3:28am ET

The head of Citadel Investment Group's broker-dealer unit plans to retire from the firm.

Andrew Kolinsky will leave Citadel Execution Services next month. He's expected to be succeeded as the group's president by Jamil Nazarali, a senior managing director at the firm.

Kolinsky's exit—the latest in a several-years-long string of high-profile departures from Citadel—has nothing to do with Citadel's Facebook trading fiasco, which cost Kolinsky's unit some $35 million, Dow Jones Newswires reports. Instead, the transition has been planned for some time, with Kolinsky expected to stay on until the middle of next month.

Nazarali was a senior trader with Knight Capital Group—also burned by glitches in Facebook's Friday initial public offering—before moving to Citadel.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…