Citadel began its operation back in 1990 as a hedge fund manager; this is a company that has grown rapidly and by the year 2008, the company was managing well over $11 billion in assets. By 2008, the company had branch offices in different states; New York, Boston, Chicago, Dallas, Hong Kong, San Francisco and London. Citadel LLC continues to perform well, in 2014, its hedge funds returned almost 18% net of fees. Kenneth Griffin founded the firm with only $4 million and as per now the company manages over $24 billion in assets. Citadel deals with hedge funds administration and market-making. Citadel also invests in fixed incomes, public equity, and other investment markets worldwide.
The company helps worldwide investors to achieve their financial needs. The company’s employees work together as a team to ensure that the organization meets its goals. The company participates actively in the community by helping those with severe medical needs. Citadel’s Chief Executive Officer Kenneth Griffin donated $150 million to Harvard University; this donation was from his personal funds.
Citadel is considered the best places to work in finance and it has scooped several awards on the same. A survey by Great Places to Work showed that Citadel was ranked in the top ten companies to work in the field of finance. In 2013, Hedge Funds, Reviews Americas Award listed Citadel the best hedge fund group. The Company has a significant role in the development of financial legislation and issues on the market structures. Citadel facilitated the implementation of the Dodd-Frank act when Wall Street lobbied for the delay in its implementation.
Ken Griffin on turtletrader, the Chief Executive Officer of Citadel, began his career at Harvard University when he installed a satellite dish on the roof of his dorm to monitor stock quotes. His inspiration was through an article the teenager read from the Forbes magazine. This article would motivate him to seek financial help from family and friends who donated a sum of $265,000 which he used to start his first hedge fund. He mainly traded convertible bonds. The young Griffins developed a strategy that saw him survive the stock market crash of 1987. He was able to set aside some cash that he would later use to start his second hedge fund.
His mentor, Frank Meyer gave him a sum of $1 million to invest. The hedge fund pioneer was surprised since he got a 70% investment return from the money he gave to Mr. Griffin. Mr. Griffin launched Citadel in 1990 with the mentorship he received from Frank Meyer. As of today, the Citadel Company has over 1250 employees worldwide and manages over $26 billion in assets. Mr. Griffin has extended a helping hand to Chicago’s Civic and cultural institutions; he serves on the Board of Trustees in the Museum of Contemporary Art, the Art Institute of Chicago, University of Chicago and the Whitney Museum. Mr. Griffin is a fond lover of art; he donated $19million to the Art Institute of Chicago designed by Reno Piano. He also bought the painting by Paul Cézanne at a sum of $6o million.