Established in 1990, Citadel provides asset management and
market-making services, employing more than 1,200 employees
globally. Citadel serves a diversified client base through offices
in Chicago, New York, London, Hong Kong, San Francisco, and Boston.
The firm operates through two main units: Citadel Asset Management
and Citadel Secruties. The asset management unit develops and
implements investment strategies for endowments, pensions,
high-net-worth individuals, and sovereign wealth funds. It actively
invests in a broad range of asset classes, including equities,
credit, fixed-income, and commodities. Formed in 2004, the
securities unit is an equity and options market-maker, serving more
than 170 broker-dealer clients in the U.S; it also has a growing
operation in Europe. Citadel is led by its CEO, Kenneth Griffin,
who in 1989 was studying at Harvard and working on trading models
out of his dorm. A year later, he founded Citadel with $4.6 million
in investment capital. Citadel initially concentrated on U.S.
convertibles, later expanding its work into overseas convertibles
before delving into market-making and hedge-fund administration.
The firm is highly respected by industry observers-in September
2008, The New York Times
called Citadel "one of the nation's most powerful hedge funds" and
"one of the largest options market makers in the industry."