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’Whither Highbridge, GSAM…Citadel?
Off the bat, there are some obvious hedge fund losers – or at this stage, to be clear, potential losers – from the wide-ranging Obama/Volcker financial reform package unveiled on Thursday.
Highbridge Capital is,
Citadel opens ‘gates’ on better results
Citadel Investment Group told investors it would fully lift its 10-month ban on withdrawals from the hedge-fund firm, and also confirmed on Thursday that a banker it hired last year to build an investment bank,
CME abandons plan to trade OTC derivatives
In a not entirely unexpected move, CME – the world’s biggest futures exchange by volume – and Citadel abandoned their joint effort to set up a trading platform for credit derivatives.
Still, and optimistically, CME said it would continue to push its CDS clearing effort,
Citadel sells $423m claim against Lehman to Credit Suisse
The same day that Citadel Solutions – fund administrator – is appointed to look after around $50bn in complex assets still owned by the US Lehman bankruptcy estate, Citadel Investment Group – hedge fund,
What’s behind the Citadel name change?
Yael Bizouati at Clusterstock posed the question:
So this is really odd: On the day that Citadel dropped the “Citadel” word from one of its units [Citadel Solutions] and rebranded it Omnium, that same unit was selected by Lehman Brothers Holdings Inc.
Citadel to oversee Lehman assets
A subsidiary of Chicago-based hedge fund Citadel Investment Group has been appointed the asset administrator for the US operations of failed bank Lehman Brothers. The move – a coup for Citadel – comes barely a week after Citadel’s Equity fund lodged a $470m claim against the Lehman bankruptcy estate.
Citadel seeks Lehman-linked funds
Citadel Investment Group filed a claim with the US bankruptcy court seeking to recover as much as $470.5m that the hedge fund believes it is owed from derivatives contracts tied to Lehman Brothers Holdings before its collapse,
High frequency trading in Europe
From a 2008 paper written by Robert Barnes, managing director of equities at UBS, on MiFID and the growth of dark and light liquidity pools:
Smart order routing will arrive in Europe to pool, in a virtual manner,
The Cold War in high frequency trading turns hot
The Cold War in high-frequency trading seems to have escalated overnight.
July 9 (Bloomberg) — Citadel Investment Group LLC, the $12 billion hedge fund firm founded by Ken Griffin, sued three former executives and the firm they started,
That’s nice Timmy, but we’ve got a few suggestions…
Apparently, the Goldmanati are concerned.
For starters, the new Treasury Secretary, Timothy Geithner, never worked at The Firm. For a second, he’s not exactly got the confidence of the markets at the moment.
Rate yourself
S&P today withdrew its ratings on two of Citadel’s biggest hedge funds, at, umm, the company’s request…
The statement (emphasis our own):
TORONTO (Standard & Poor’s) Dec. 18, 2008–Standard & Poor’s Ratings Services today said it lowered its long- and short-term counterparty credit ratings on Citadel Kensington Global Strategies Fund Ltd.
Citadel locks up investors’ funds
Citadel Investment Group has joined the rush of hedge funds suspending redemptions to investors, a development that is in effect locking up hundreds of billions of dollars in cash during a volatile period in global markets.
Tokyo hedge-fund gloom: The strange saga of Whitney in Japan
The curiously grey status of foreign hedge funds in Japan just gets – well, curiouser and greyer. A little announcement popped up on the website of Japan’s key financial regulator, the FSA, on Friday saying the watchdog is considering “administrative measures” against Japan Advisory for alleged insider trading.
Citadel sees November loss
Citadel Investment Group, the Chicago-based hedge-fund group run by Kenneth Griffin, lost 13% in November, bringing its investment decline for the year to 47%, reports the WSJ, noting that Griffin’s reversal of fortune is “striking”,
Citadel winds down $1bn fund
Citadel Investment Group, the alternative investment house, is winding down its $1bn fund of hedge funds and redeploying the capital to support new hedge funds as they emerge in the coming months. The move suggests Citadel is positioning itself to back managers who have quit the business or been forced to shut their funds in recent weeks as they launch new funds in the coming months.
Hedge funds in grip of vicious cycle
Troubles mounted for some of the world’s biggest hedge funds on Thursday as Highland Capital Management told investors it was shutting down two of its funds and details emerged of big losses at TPG-Axon.
Citadel falls 30% on bond, stock losses
Citadel Investment Group’s biggest hedge fund fell as much as 30% this year, because of losses on convertible bonds, stocks and corporate bonds, reports Bloomberg. Kenneth Griffin, who founded Chicago-based Citadel in 1990 and holds 30% of its $18bn of assets in cash according to S&P,
Weekend catch-up
In case you missed these stories:
September proves tough month for hedge funds
September has proved a deeply painful month for hedge funds, new figures show. Among them, the flagship fund of Citadel Investment has lost 18% of its value for the year.
Centro shares halted on 71% leap
Shares in Australia’s debt-laden Centro Properties Group were placed on a trading halt on Thursday pending response to a stock exchange query about big price moves, reports Reuters. Ahead of the halt, Centro shares leapt 71% to A$0.505,
Citadel said to eye route to market
What will 2008 be the year of? Recession; housing slump; emerging market strength; western weakness; sovereign wealth funds taking over the globe?
Or hedge fund IPOs? Guffaw, guffaw. That must have slipped in there from last year’s list.
E-Trade gets capital boost from Citadel
Citadel, the hedge fund company run by billionaire Ken Griffin, swooped to take advantage of another distressed company in the battered financial sector on Thursday, pumping $2.55bn into E-Trade, the troubled online discount brokerage.
E-Trade: It’s the bottom….again
Another bail-out package for a financial institution in distress.
E-Trade, the online broker whose expansion into the mortgage market has backfired spectacularly, on Thursday unveiled its lifeline. It’s getting an cash infusion of $2.5bn from Citadel and Blackrock – and chief executive Mitchell Caplan is joining the Wall St job club,
Citadel scoops up Sowood Capital
Citadel Investments, the Chicago-based hedge fund run by billionaire Kenneth Griffin, has stepped in to take over the credit portfolio of Sowood Capital, a smaller fund, which has run up heavy losses in the credit markets.
Top three fund managers earn over $1bn each
The combined earnings of the world’s top 25 hedge fund managers of almost $15bn exceeded the national income of Jordan last year and three individuals took home more than $1bn each, according to an annual industry survey.
Moody’s to rate hedge fund debt
Moody’s Investor Service has developed a methodology for rating the unsecured debt of hedge funds in preparation for a predicted rush to the public debt markets by alternative investment firms. The move comes after Citadel Investments late last year became the first hedge-fund manager to sell debt publicly,
Hedge funds rival banks for share of US Treasury market
Hedge funds have grabbed such a large share of trading in US Treasury bonds that their activity is eclipsing many of the investment banks which have traditionally dominated the market. In particular, Citadel is now estimated to account for more than 10 per cent of trading in the most liquid Treasuries.
Citadel wins bidding for ResMae
Citadel Investment Group agreed to buy ResMae Mortgage for about $180m, beating out Credit Suisse Group in a last-minute auction for the bankrupt mortgage lender, reports Bloomberg. The Chicago-based hedge-fund manager will pay about $20m for ResMae’s lending business and 98.5 cents on the dollar for the company’s $160m loan portfolio,
Abax to be milestone for Asian hedge funds
The first independent Asian hedge fund to begin with more than $1bn is expected to launch in the coming weeks, signalling a watershed for the asset class in the region. The launch underscores the growing confidence and ability of indigenous talent to raise significant amounts of money to compete against global firms,
Hedge funds seek access to eurozone bonds
A battle has erupted around the eurozone government bond market with several powerful hedge funds trying to gain direct access to MTS, the main eurozone government bond trading platform. The move by the funds,
Did the Street cause Amaranth’s collapse?
Oh, the tangled web that is Wall Street. Today’s WSJ tells the tale of how the Street dealt with Amaranth after the fund had traded its way into a deep hole – much of it consisting of kicking Maounis et al while they were down.