Citadel’s Aptigon Lays Off 34% of Staff

March 12, 2018 James Heinsman Hedge Fund News

One of the world’s largest hedge funds, Citadel, has shrunk the size of its stock-picking division, Aptigon.

The company fired 49 people between the end of February and early March from its two-year old unit, a loss of 34% of staff. Among the people who lost their jobs were portfolio managers, analysts, associates and others.

The downsizing is one of the largest in recent days. About half of those let go found employment elsewhere in the firm. Citadel employs about 1900 people in its hedge fund business, is headquartered in Chicago, and manages about $27 billion.

“We changed the leadership of Aptigon Capital because the prior leadership had failed to demonstrate it could generate the performance we expect from a Citadel business. We are committed to the success of Aptigon and will continue to recruit leading talent to the team,” a spokesman for Citadel explained.

Aptigon, Citadel,

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