Ex-Citadel Volatility Arb. Chief Plans New Fund

Mar 25 2009 | 2:08am ET

A trio of former Citadel Investment Group portfolio managers is setting up their own hedge fund shop, expected to launch this summer.

Chicago-based Gladius Investment Group was founded by Pav Sethi, global head of volatility arbitrage at Citadel until last year. He is joined by Rajesh Kedia, formerly of the volatility arbitrage group at Citadel, and Bertrand Divet, former head of credit strategies at the firm’s volatility trading and arbitrage group, according to Bloomberg News.

Gladius is to begin trading by June. It is unclear how much the Citadel veterans plan to raise for the new offering.

According to Bloomberg, Gladius plans to hire about eight additional personnel, including other former Citadel employees.

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