| NEW YORK
NEW YORK Jeffrey Runnfeldt has left Citadel LLC due to a consolidation of the Chicago-based hedge-fund firm’s stock-picking divisions, spokesman Zia Ahmed said.
Runnfeldt was head of Ravelin Capital, a business that was moved into Citadel’s global equities unit, the firm said in a written statement on Wednesday.
“This decision will further strengthen Global Equities by incorporating the best ideas and strongest talent from Ravelin,” the statement said.
Runnfeldt declined to comment. The news was first reported by Bloomberg.
This is Runnfeldt’s second departure from Citadel. He was co-head of global equities before leaving in 2012 and returned in 2015 to launch Ravelin in San Francisco.
The firm’s stock picking personnel are now broken into three units, down from four: Citadel Global Equities, led by Mark Stainton; Surveyor Capital, led by Todd Barker; and Aptigon Capital, led by Richard Schimel.
Citadel, founded and run by Chicago billionaire Ken Griffin, manages about $26 billion in hedge fund assets. It is known for generating average annual returns of nearly 20 percent, but its main Wellington fund produced a gain of 5 percent net of fees in 2016. Read more on Citadel’s performance here: (reut.rs/2jPY3W1)
Citadel’s separate market-making division, Citadel Securities LLC, also changed chief executive officers on Jan. 27.
(Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra; Editing by Bernard Orr)