(The Business Insider) Citadel is shutting down one of its four stock picking units a little over a year after launching. Ravelin Capital, a San Francisco-based unit of Ken Griffin’s $26 billion hedge fund firm, is shutting down, according to people familiar with the matter. The unit struggled with underperformance, one of the people said.
Jeff Runnfeldt, who headed the unit, left on Tuesday, January 31. At the time of Runnfeldt’s hire, the unit set out to manage as much as $1 billion with ten teams, Bloomberg reported at the time.