Citadel Enterprise Americas LLC

Citadel LLC (formerly known as Citadel Investment Group, LLC) is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $62 billion in assets under management . The company has over 2,600 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is the most successful hedge fund of all time, posting $65.9 billion in net gains since inception in 1990. Citadel LLC is a separate entity from the market maker Citadel Securities, although both were founded and are owned by Griffin. History Kenneth Griffin started his trading career out of his dorm room at Harvard University in 1987, trading convertible bonds. As a sophomore, he hooked a satellite dish to the roof of his dormitory. After graduating with a degree in economics, Griffin joined Chicago-based hedge fund Glenwood Partners. Citadel was started with $4.6 million in capital. Citadel was originally named Wellington Financial Group after its flagship fund. The company name was changed to Citadel in 1994. Within eight years, the firm had more than $2 billion in assets under management. In 1998, Citadel started requiring investors to accept terms that "significantly restrict[ed] their ability to withdraw their capital", according to Institutional Investor. When hedge fund Long Term Capital Management collapsed later that year, Citadel's capital lockdown made it "a rare buyer, as desperate hedge funds unloaded bond inventory". In 2006, Citadel and JP Morgan Chase took over the energy portfolio and division of failed hedge fund Amaranth Advisors, which had suffered a 65% ($6 billion) loss in assets. In November 2006 Citadel issued $2 billion of investment grade bonds to borrow money at a lower rate than it would otherwise be able to.