Should the traditional players on Wall Street be running scared?
FOR CITADEL TO be referred to today as a hedge fund is something of a misnomer. From humble roots as a three-man convertible arbitrage shop in 1990, the firm now employs 1,100 people worldwide and has broadened into investment management, market-making and fund administration. Its latest foray has caused something of a stir on Wall Street.
Founder Ken Griffin is moving the firm into investment banking. It propels Citadel into a position above the smaller investment banking boutiques, but below the large established investment banks, filling some of the void left by Bear Stearns and Lehman Brothers.
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