Citadel Shutters Special Situations Group

Dec 18 2008 | 3:14am ET

The incredible shrinking hedge fund that is Citadel Investment Group continued its downsizing last week with the elimination of its special situations group.

The Chicago-based hedge fund giant, which has been cutting jobs and teams in the wake of huge investment losses, shut down the group last week, CNBC reports.

 The group was part of Citadel’s principal investing group, whose closure was announced by the firm earlier this month.

The special situations group once managed as much as 15% of Citadel’s assets, but now runs just 3%. Its portfolio is down about 61% on the year, according to The New York Times.

Citadel is also reportedly halving its staff in Asia, and has cut jobs in trading, back-office and human resources operations. The firm has also suspended redemptions from its two largest funds, which have lost almost half their value this year.

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