Citadel Investment Group

Izzy Englander Has More Than Paid For His Wife’s New Alone Time Place

Izzy Englander Back in April, Caryl Englander decided she needed some space, and the 20-plus rooms she and hubby Izzy Englander own at 740 Park were not cutting it for the necessary alone time. So she bought a $60 million apartment 15 blocks away. Happily, whether it was the RVs or the last positive returns from that quant portfolio he just killed or a combination thereof, Izzy’s having no problem paying for it. Izzy Englander’s Millennium Management returned 8.3 percent this year through September with its main hedge fund, according to people with knowledge of the matter. The firm’s flagship multistrategy fund rose 1.1 percent last month, said the people, who asked not to be identified because the information isn’t public. Also, Ken Griffin’s made almost enough this year to pay for his Pa...

The Poached Becomes The Poacher

A couple of years ago, Ken Griffin had a little bit of friendly advice for his buddy Steve Cohen, who—potentially on account of the unfortunateness—was having a little trouble finding non-idiots to yell at and humiliate. That advice was, “take it from somebody else,” with the unspoken addendum of “especially if they’re having some reputational problems… oh, wait, you can’t. Sorry.” History has not recorded Cohen’s undoubtedly understated and not-at-all roaring spit-geyser reaction to that bit of Windy City shade-throwing. Suffice it to say he was only too happy to take Griffin’s advice in staffing up his burgeoning quantitative efforts with one of Ken’s own. And now that KG is having his own staffing issues, the Big Guy would like to note that he’s having to beat the top-notch talent flock...

Ken Griffin Cans Steve Cohen’s Brother-In-Law

A couple of years ago, Ken Griffin and Steve Cohen had a bit of a disagreement over the relative prevalence and availability of talented traders with which one could stock a hedge fund. Steve was bemoaning the bottom-of-the-barrel resumes he was seeing; Ken suggested there might be a reason for that. As if to demonstrate, at around the same time, Griffin hired Cohen’s brother-in-law to run a new stock-picking unit, because he could. And then he had Richie Schimel fill that unit, Aptigon Capital, with refugees from Visium Asset Management, because that’s what he does, and also because he could—and Cohen couldn’t. And now, Griffin has fired Schimel, because, again, that’s what he does, and, again, also because he can. Maybe it’s time for that family reunion after all. Richard Schimel, who ha...

Job Opening At Citadel

By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons Are you a debt trader? Specialize in emerging markets? Know enough about Hungarian monetary policy to discern that the said country’s National Bank wouldn’t just keep fucking printing an unlimited number of interest-rate swaps, unlike this jabroni? Hedge fund manager Uberto Palomba has left Citadel LLC after suffering losses on a Hungarian trade, according to a person with knowledge of the matter…. Hungarian interest-rate swap rates rose the most in almost three years at one stage last month after policy makers decided against boosting an offer of the instruments. That bruised hedge funds who had bet on an expansion of the program, which was aimed at reducing long-term borrowing costs. Risk, after all, is what you make of it. Perhaps, t...

Goldman, Morgan Stanley Veteran Signs Up For Eventual Firing By Ken Griffin

By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons Sooner or later, everyone on Wall Street will work for Ken Griffin (after the waterboarding, of course). Sooner or later, they’ll shudder when his stare turns their blood to ice. And sooner rather than later, they will stop working for him. In fact, there are probably not enough people on Wall Street to satisfy the Citadel chief’s appetite for hiring and firing. Ken Griffin knows this and is working on the problem. In the meantime, he’s continuing to work through the current supply, which means its John Neary’s turn to spend a couple of days/weeks/months/maybe years waiting for that final summons to Ken’s office. John Neary, a trader who has held various senior roles at Morgan Stanley and Goldman Sachs, has been hired by $27bn hedge fun...

Ex-Citadel Exec. Not Screwing Around

By Paul Elledge [CC BY-SA 4.0], via Wikimedia Commons Citadel Investment Group founder Ken Griffin does not take the non-compete agreements he makes employees sign lightly. In a crowded field, perhaps no one this side of Alan Howard takes them quite as seriously. Daniel Nehren knows this. He worked for Griffin for two whole years—an eternity by Citadel standards—before departing, eventually for Barclays, in May of last year. We say eventually because, of course, Nehren had an eight-month non-compete to wait out, and in case K.G. was thinking of making his former equity execution head the next Misha Malyshev, Nehren’s decided to be as conspicuous in his non-competition as possible. We’re sure there are many, many pictures on his Instagram of him in all sorts of exotic locations with want of...