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June 19, 2024
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Hedge Funds

Two Citadel Money Managers Exit Hedge Fund, Shapiro Rejoins


(Bloomberg) — Two Citadel portfolio managers are leaving the multistrategy hedge fund — while another is rejoining.

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Matthew Carter-Tracy, who was an energy portfolio manager at Citadel’s fundamental equities business Surveyor Capital, and Joseph DiGiacomo have departed, according to people with knowledge of the matter.

Meanwhile, Ben Shapiro is due to start at Citadel as a health-care portfolio manager in May, according to people familiar with the matter. Shapiro previously worked for Surveyor between 2015 and 2020, before leaving for Balyasny Asset Management, according to his LinkedIn profile.

Shapiro and representatives for Citadel and Balyasny declined to comment. Carter-Tracy and DiGiacomo did not respond to requests to comment.

Hirings and departures are frequent at multistrategy hedge funds, which operate with tight risk controls that can force portfolio managers to reduce or liquidate positions if they post even small losses. At the same time, these platforms are engaged in a fierce battle to recruit and retain well-performing traders amid growing demand from investors for the steady returns they provide.

Another recent returnee to Citadel was Avinash Abraham, who the hedge fund employed after 15 years away to expand its Asia equities team.

The hedge fund, run by billionaire Ken Griffin, managed $56 billion of investment capital as of Jan. 1. The hedge fund’s main Wellington fund returned 15.3% in 2023, while its Tactical Trading Fund returned 14.8% and the Citadel Equity Fund gained 11.6%.

(Adds Citadel Equity Fund performance and clarifies reference to Tactical Trading Fund in final paragraph.)

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