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.