Thursday, 29 January 2015
Last updated 11 hours ago
Sep 7 2012 | 11:23am ET
Joseph Russell, a former top executive at Citadel Investment Group, will close his two-year-old hedge fund at the end of the year.
Russell has already returned some of the $500 million in assets that Bell Point Capital Management's flagship managed. The New York-based firm reached that level, a record high for the fund, earlier this year.
Russell, 49, plans to retire after winding down Bell Point, Bloomberg News reports. He becomes the latest hedge fund manager to do so in recent months that have seen Centaurus Capital's John Arnold, George Soros and Carl Icahn return outside capital.
It is unclear why Russell is leaving the industry so soon after founding Bell Point, in 2010. The fund is up 4.5% this year.
Bell Point employed about 20, including John DiRocco, the former CFO at Citadel who served as Bell Point's chief operating officer. His plans are unclear.
Russell was head of U.S. fundamental credit at Citadel. He left the hedge fund giant in 2008.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…