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Citadel Credit Exec. Out; Disagreement Cited
September 5, 2008
A top Citadel Investment Group executive has resigned after a disagreement over the direction of his group.
Joe Russell, who joined Citadel three years ago and was a key figure in its investment in E*Trade Financial Corp. and the purchase of collapsed hedge fund Sowood Capital Management’s portfolio, announced his departure this week, The Wall Street Journal reports. His fundamental credit group—the smallest of $20 billion Citadel’s three credit groups, and the only one that wasn’t profitable—will be split into the other two credit groups.
According to the Journal, the poor performance of the fundamental credit group was an issue in Russell’s decision to leave.
Prior to joining Citadel, Russell worked at Credit Suisse Group.
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