Bloomberg – Citadel Investment Group LLC, the Chicago-based asset-management firm founded by Kenneth Griffin, is seeking about $1 billion for a new global macro hedge fund, according to a person with knowledge of the matter.
The fund is set to be managed in London by Kaveh Alamouti, 54, whom Citadel hired this year from New York-based Moore Capital Management LLC, according to the person, who asked not to be identified because the plans are private. Citadel oversees $20 billion.
Macro funds, which attempt to profit from broad economic trends by trading stocks, bonds, currencies and commodities, gained an average of 3.7 percent this year through July, according to data compiled by Chicago-based Hedge Fund Research Inc. All funds lost an average of 3.4 percent.
"Citadel is as good as they get,” said Tammer Kamel, president of Toronto-based Iluka Consulting Group Ltd., which advises clients on investing in hedge funds. “They have a reputation that will ease the current difficulties that hedge funds face in raising capital.”