(Crain's) — The head of Citadel Investment Group LLC’s start-up investment banking unit has left the division after failing to agree on a business strategy with firm founder Kenneth Griffin.Patrik Edsparr, who joined Chicago-based Citadel in 2008, was “let go last week” from his post as global CEO of Citadel Securities in New York, a spokeswoman for the Chicago-based hedge fund said Tuesday, confirming news reports.
“Regretfully, the management team and I did not see eye to eye with Patrik Edsparr on the corporate strategy we wanted to pursue, or the culture we want to cultivate in Citadel Securities,” Mr. Griffin wrote in a memo. “As such, last week I asked Patrik to leave the firm, and we wish him well.”
Citadel Investment Group started Citadel Securities in May 2009, just as the industry's top powerhouses were collapsing, being acquired or transforming themselves into commercial banks.
Mr. Edsparr, who joined Citadel after more than a decade at J. P. Morgan Chase & Co., was based in London.
He is the latest executive to depart Citadel Securities in New York. Todd Kaplan, a Chicagoan hired to get the investment banking unit off the ground, resigned in January. Rohit D’Souza left Citadel Securities in October as its chief executive.
No comments:
Post a Comment