(Bloomberg) At a time when hedge funds are struggling to lure assets and beat benchmarks, the billionaire founder of Citadel continues to pounce on opportunities. This week, Griffin hired a quant team from Hutchin Hill Capital less than three months after its founder Neil Chriss said he was closing his hedge fund. Griffin, who started Citadel in 1990, has a history of seizing the moment when others are in distress. He’s hired teams or took on assets from hedge funds such as Visium Asset Management and Sowood Capital Management after they imploded, and also made a push into investment banking after the 2008 financial crisis. Almost two decades ago, he started fixed-income arbitrage trading after hedge fund Long-Term Capital Management lost billions on such trades and was bailed out.
Look at Quant Hires for Ken Griffin’s Habit of Pouncing on Distress
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