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November 27, 2006

Top Hedge Fund Trader Anand Parekh Leaves Citadel

posted by MR WAVETHEORY at 11/27/2006 01:07:00 AM
Bad performance may have stormed the Citadel, that is Citadel Investments. Anand Parekh, head of global stocks at Citadel, left the Chicago-based hedge fund giant last week. The timing is particularly noteworthy since it comes right around the holiday when big bonuses are typically paid at hedge funds - at least to those who have generated good performance.

According to The New York Times, Parekh departed Citadel on Friday. He had been seen as a possible successor to firm founder Kenneth Griffin.

James Yeh, head of global markets and quantitative strategy, is now involved with the firm's equities business. Citadel's equities division has had a positive year so far, but has not performed as well as it has in past years.

Parekh had previously been the head of Deutsche Bank's North American structuring group. He joined Citadel in 2003.

Citadel has about $12 billion in assets under management. Last week, rumors circulated the firm was taking big losses from its energy trades, but Citadel has denied whispers of a blowup and says it is performing well.

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