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A Hedge-Fund King Comes Under Siege

WSJ – Hedge-fund titan Kenneth Griffin lost $8 billion of his clients’ money last year. Now, he is trying to persuade investors to trust him with more.

“We showed a level of human fallibility,” he told his staff at a late-September lunch in Manhattan.

The price of fallibility: a 55% loss in the big hedge funds at his firm, Citadel Investment Group. His funds’ declines far outstripped the 19%, on average, that hedge funds lost as a whole, according to Hedge Fund Research Inc. For the past year, Citadel prevented investors from withdrawing money they wanted to take out from his two main funds, Kensington and Wellington.

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