Tags: Citadel, Convictions, Enron, Ethics, Galleon, George Soros, Goldman Sachs, Legal, MBA, Revolving Door, UBS
FINalternatives has culled through the Forbes list for all of the alternative investment guys who are represented. Notably missing: Allen Stanford. Here's the list:
Tags: Allen Stanford, Avenue Investments, Bruce Kovner, Carl Icahn, Citadel, DE Shaw, Eddie Lampert, George Soros, Harbinger, Hedge funds, Henry Kravis, Highbridge, Jim Simons, Leon Black, Private equity, SAC Capital, Sam Zell
CNBC intervewed Bethany McLean, who penned the must read Vanity Fair piece entitled "The hedge-fund time bomb: Over the hedge"
Tags: Citadel, Fortress, SAC Capital
Bet Ken Griffin is glad 2008 is mercifully over:
The $10 billion Kensington and Wellington funds lost about 9% during the first 24 days of December, punctuating the toughest year yet for Citadel founder Ken Griffin. That came after a 13% loss in November. In 2007, the fund was up 30%
A bright spot this year was Citadel's $3 billion market-making family of funds, which ended 2008 up about 43%, according to preliminary estimates.
Main Citadel Hedge Funds Dropped Estimated 53% In '08 – DJ Newswires
Tags: Citadel, Hedge funds
With its two largest funds taking nearly 50% hits year to date through December 5 and investors looking to cash out $1.2 billion, Citadel is suspending redemptions until at least 3/31/09 according to a letter to investors signed by Ken Griffin. Citadel will pick up “a substantial portion” of the funds' expenses, which usually are passed on to investors and generally amount to 3-4% of assets. It's holding cash of around 25-30% of assets.
Tags: Citadel, Credit Crunch, Hedge funds
That's what the NY Post is suggesting:
On Wall Street, both Griffin's friends and foes are closely watching the health of the firm. The worry is that an escalating crisis might trigger another tidal wave of trouble for the market, given the hedge fund's size and scope….
Citadel also issued letters last Friday to Kensington and Wellington investors offering them a one-time chance before the end of the year to invest in its well-performing, market-making Tactical fund. That may serve as little consolation to investors who've been pummeled by the flagship funds' losses, though.
Citadel Buffeted By December Storm Warning – NY Post
Tags: Citadel, Credit Crunch
More belt tightening news coming from the shrinking-by-the-day Citadel: It's shuttering its Tokyo office as well as its Asian principal investments operations. The remaining businesses will be run out of its Hong Kong office.
Tags: Citadel, Credit Crunch, Revolving Door
We're listening to the House Oversight Committee testimony of the hedge fund bigs, including George Soros, Jim Simons, John Paulson, Phil Falcone and Ken Griffin. Soros just came up to bat as the first speaker. And he plugs his new book.
LOL
Tags: Citadel, George Soros, Harbinger, Hedge funds, Jim Simons, Paulson & Co, Politics
Harbinger's Phil Falcone, Citadel's Ken Griffin, Paulson & Co's John Paulson, RenTech's Jim Simons and George Soros have a date with congress on Thursday, as they become the latest group on the hot seat to face what's likely to be some hostile questions.
Tags: Citadel, George Soros, Harbinger, Hedge funds, Jim Simons, Politics, Renaissance Technologies
More pain for Ken Griffin's Citadel: The firm is shutting down Fusion, its $1 billion fund of funds which was set up only last year. Instead of investing in hedge funds, the remaining funds will be shifted to another business that funds new managers.
Citadel to Wind Down $1 Billion Fund, Shift Capital – Bloomberg
Tags: Citadel, Fund of funds, Hedge funds, Ken Griffin, shutting down
According to the Wall Street Journal the SEC has subpoenaed over 50 hedge
funds in their quest to find out if there were false rumors spread, leading to
the demise of Bear Stearns and the plunge in Lehman Brothers shares. The
firms subpoenaed may or may not be the focus of the probe; they were asked for
information regarding their trading in the securities of BSC and LEH, as well as
correspondences between hedge funds and others. Reportedly among the
names: SAC Capital and Citadel.
Hedge Funds Subpoenaed in SEC Probe – Wall Street Journal
Tags: Bear Stearns, Citadel, Hedge funds, Lehman Brothers, SAC Capital
And no suprise here, John Paulson, who shorted sub-prime related issues in arguably the best trade in history, tops the list at $3 billion plus….
To make the top 100, you had to make at least $75 million….
Here’s the top 10:
Tags: Citadel, GLG Partners, Harbinger, Hedge funds, Jim Simons, Paul Tudor Jones, Paulson & Co, SAC Capital
Tags: Bear Stearns, Citadel, Hedge funds, Morgan Stanley, Revolving Door
Citadel is making a move to separate its options market making operations from its hedge fund. And that’s leading to even more speculation that Ken Griffin’s Chicago based fund is setting itself up for an IPO….
Citadel had a great year in 2007 with returns over 30%. And according to a tease from the firm’s CFO to BusinessWeek, they’d consider an IPO…..
Tags: Citadel, Hedge funds, IPO
So much for the NY Post’s report this morning that they were looking at buying Bank of America’s prime broker business. Sources close to Citadel say it’s not true:
"There have been no conversations about it and Citadel has not looked at the books," said the source, who is close to the situation but not authorized to speak about it.
Citadel spokeswoman Katie Spring declined to comment.
Citadel not eyeing BoA unit: source – Reuters
Tags: Bank of America, Citadel
How would you like all sorts of private information that you share with your prime broker to fall into the hands of your hedge fund competitors at Citadel? Ya, we know…Goldman has hedge funds and they’re prime brokers too. But there’s something unsettling about Citadel doing a deal like this……
Tags: Bank of America, Citadel
We continue to be fascinated by the festive OfficeMax dancing elves, so we present to you our troop of hedge fund heads for your entertainment: SAC Capital’s Steve Cohen, Renaissance Technologies’ Jim Simons, Citadel’s Ken Griffin, and Icahn & Co’s Carl Icahn shaking and shimmying…
Prior post: The Dancing Wall Street Elves
Tags: Carl Icahn, Citadel, Hedge funds, Humor, Jim Simons, SAC Capital
The Wall Street Journal has a great piece dissecting how the E*Trade deal got done starting from Citadel losing money on their equity position as it was collapsing. …
Tags: Citadel, Credit Crunch
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This ad appeared in this morning’s Wall Street Journal. Click to enlarge. (you may have to click twice)
Tags: Citadel, Credit Crunch
Looks like no deal for E*Trade by Charles Schwab or Ameritrade is in the cards, at least for now. Citadel has ridden to the rescue along with funds managed by Blackrock; they’re injecting $2.55 billion into the beleagered firm. According to the Wall Street Journal, around 30 firms kicked the firms tires, of which eight were deemed to be serious. In the end a deal with Schwab and Ameritrade couldn’t be reached because they only wanted the brokerage assets.
In a plan overseen by the federal Office of
Thrift Supervision, Citadel will make a two-part investment in E*Trade, which is
based in New York. The first component is the purchase of E*Trade’s entire $3
billion portfolio of asset-backed securities for a value of around $800 million.
The second component is the purchase of $1.75 billion worth of 10-year notes,
paying an annual interest rate of about 12.5%.After regulatory approvals, Citadel is
expected to own almost 20% of E*Trade, including the approximately 3% of the
broker it already holds, and gain a seat on the company’s board.The deal also signals the end of the tenure
for E*Trade Chief Executive Officer Mitch Caplan, who has led the firm since
2003. President Jarrett Lilien will serve as acting chief executive until a new
CEO is found. Donald H. Layton, a former vice chairman of J.P. Morgan Chase
& Co., will replace the firm’s current nonexecutive chairman. Mr Caplan will
retain a seat on the board.
Tags: Citadel, Credit Crunch, Hedge funds
Even against a backdrop where it’s getting more difficult for new hedge
funds to get funded, Citadel’s former head equity trader, Anand Parekh,
is opening his own shop with funding said to come from Deutsche bank:
Parekh has raised $1.5 billion from
Deutsche Bank, and plans to seek additional funds, the source said. Parekh
headed North American structuring for credit and interest-rate products at
Deutsche Bank before joining hedge fund Citadel in 2003.Parekh could not be reached for comment.
Parekh’s new firm, which will pursue
multiple strategies covering several asset classes, will be based in Chicago.When Parekh left Citadel his group had
posted below-average returns for Citadel, people who were familiar with the
matter said. But he had performed well the prior year, a person who knows him
said
Ex-Citadel trader Parekh to start hedge fund – Reuters
Tags: Citadel, Hedge funds
Shareholders of Northern Rock — like RAB Capital who bought a 6% stake in Northern Rock last week after shares of the besieged bank plummeted — could be pretty pissed off if a Daily Telegraph report is correct. Christopher Flowers, Cerberus and Citadel are said to be teaming up to pick off the company’s mortgage portfolio, leaving equity holders with bupkus….
Tags: Cerberus, Citadel, Credit Crunch, Distressed
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