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Citadel to Close Flagship Funds to New Money

Oct 10, 2013
Jing Chen

Citadel Investment Group may close its two flagship funds to new investors in an effort to keep its assets under control.

Financial News reported that total assets under management in the two funds increased to $9.3 billion in the beginning of last year from $6.2 billion right after the 2008 financial crisis. One of the closing offerings is an offshore multi-strategy fund, while the other is an onshore version of the same strategy.

The article said that Chicago-based Citadel’s three other main hedge funds are also closed to new money, however one of the strategies may reopen at a later date.

Citadel is among several big-name hedge fund firms that have made the decision to deny new investors to keep its AuM under control. New York-based DE Shaw closed three of its funds earlier this year, while GLG Partners is preparing to close its market-neutral offering when it reaches $1 billion.

Citadel was formed by Ken Griffin in 1990 after he graduated from Harvard University. The firm has $16 billion in assets under management.




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