Overall, there are roughly 30 portfolio managers at Surveyor, a source close to the firm said. Shaw to join Surveyor's New York office and lead a team focused on industrials. In 2018, it also recruited portfolio manager Jeremy Klaperman from D.E. Billionaire Ken Griffin said Thursday he is moving the global headquarters of his hedge-fund firm Citadel from Chicago to Miami, becoming the latest large company to move out of Illinois. The fund has built out certain areas of Surveyor over the last year, expanding to Europe with a London office run by Sean Salji, who was previously with Citadel's global equities team. Griffin is said to be an investor in Woodruff's new fund. Surveyor Capital is also losing one of its top portfolio managers in Jack Woodruff, a veteran of billionaire Steve Cohen's SAC Capital who is starting his own fund. Ken Griffin's Citadel is known for aggressive lay-offs following poor performance. That compares to a loss of 4% on average for hedge funds last year. A spokesman for Citadel declined to comment.Ĭitadel - which has credit, fixed income, commodities and quant strategies to go along with its stock-picking arms - posted a solid returns in 2018 in its main, multi-strategy fund of 9.1%, according to a source familiar with the matter. Wolfman could not be reached for comment. Prior to that, Wolfman was an analyst at Maverick Capital and Lehman Brothers. Wolfman joined Citadel in 2014 after nearly a decade at Asian Century Quest, where he had a managed a portfolio of more than $750 million, according to his LinkedIn. The poor year and a tough environment for traditional stock-pickers has also pushed other multi-strategy firms like Jana Partners and BlueMountain Capital Management to get out of the space completely. Surveyor Capital, an equities arm of $30 billion Citadel, has axed long-time portfolio manager Adam Wolfman and his team of three analysts, sources tell Business Insider. The firm's stock-picking unit is losing talent at the same time other multi-strategy managers, like BlueMountain Capital and Jana Partners, have gotten out of the stock-picking space altogether.Įven hedge funds that were able to finish 2018 with positive returns are paring back their stock-picking teams.Surveyor's top stock-picking portfolio manager Jack Woodruff is also leaving the firm to start his own fund, which Griffin will be a big investor in.Citadel's Surveyor Capital unit has axed long-short portfolio manager Adam Wolfman and his team of three analysts, sources tell Business Insider.Griffin also says Citadel has “significantly reduced” its holdings of illiquid assets to shore up its balance sheet and meet investor demands. Citadel spokeswoman Katie Spring confirmed the news. “Given that the world’s financial system has seen only modest improvement since year-end, we believe that it is necessary to continue to suspend redemptions,” Griffin wrote, according to reports. BOSTON, June 23 (Reuters) - Citadel, the 51 billion hedge fund founded by billionaire investor Ken Griffin, is moving its global headquarters to Miami from Chicago, becoming the latest investment. But CEO Kenneth Griffin told investors in a letter distributed on Friday that the situation is not repaired enough to completely lift gates. In light of better market liquidity and a stronger balance sheet, Citadel, which manages about $16 billion in assets, told investors in its Wellington and Kensington funds that they would be allowed to redeem some of their cash at the end of each quarter, depending on capital levels. Citadel, like many of its peers, suspended redemptions last year – a practice called “gating” – when clients pulled a run on the funds due to weak performance.īut things have started to turn around, as hedge funds overall made modest gains in both December and January. Citadel Investment Group, hedge-fund firm, told investors in two of its biggest funds that they will soon be able to redeem some of their money periodically, if certain benchmarks are met.
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