Citadel Exec Exits Amid Collapse Rumors

Nov 22 2006 | 1:05pm ET

Once on the shortlist of names to succeed Citadel Investment Group founder Kenneth Griffin, Anand Parekh left the huge Chicago hedge fund last week after several months of disappointing returns in his group.

According to The New York Times, Parekh, who headed global stock trading at Citadel, left the firm on Friday. While his group was in the black, the Times reports that it has lagged Citadel’s six other business groups. James Yeh, head of global markets and quantitative strategies at Citadel, is reportedly succeeding Parekh.

Parekh is the former head of the North American structuring group at Deutsche Bank.

On the day Parekh departed, Citadel was forced to deny rumors that it was on the brink of collapse due to bad energy trades.

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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…