Liquidity's new routes
Few hedge fund managers have achieved the iconic status of Chicago's Citadel Investment Group, and few are so shrouded in secrecy. Risk talks to the firm about its emergence as a sell-side behemoth and the future of the US-listed equity derivatives market. By Navroz Patel
“Hello? Oh, it’s you. I’m sorry, but I can’t speak to you anymore. Bye.” This, followed by the monotone hum of an ended-call tone, is the kind of curtailed conversation familiar to any journalist who has tried to contact a previously talkative source that has landed a new job at Citadel Investment Group. Ever since its launch in 1990, the Chicago-based hedge fund, which now has around $12 billion of assets under management, has sought to keep a low profile as it has spread into an increasingly
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