(Reuters) Hedge fund Citadel is launching a new stock-picking unit later this year and has hired industry veteran Richard Schimel to run it, illustrating the $24 billion firm’s commitment to a sector where it has expanded dramatically in the last year. The company said Schimel will join as a senior managing director and will sit on the firm’s investment committee while overseeing the still unnamed new unit.
“With Richard’s hire we continue to execute our talent growth strategies, establishing teams in talent-rich locations while also providing ample opportunities to promote and develop existing team members through a number of platforms,” Citadel wrote to investors in a letter seen by Reuters.