Citadel hires senior risk manager from Goldman

Bank’s former head of derivatives clearing risk becomes Citadel Securities’ latest senior hire

Citadel has made a clutch of recent senior hires

Goldman Sachs' global head of derivatives clearing risk, Massimo Cutuli, has joined Citadel Securities in a senior risk management role, Risk.net has learned. The move is the latest in a raft of senior hires at the market-making firm, as it continues to expand its presence across the US and European securities markets amid a retreat by major dealers.

Cutuli joined Citadel Securities on October 31. Based in Chicago, he is responsible for risk management for the firm in the US. Cutuli spent six years at Goldman, where he was latterly head of risk for cleared swaps globally and Americas head of risk for futures within the bank's futures commission merchant unit, according to his LinkedIn profile.

Previously, he was global head of hedge fund risk analytics at JP Morgan. Prior to that, he worked in risk management advisory at PwC, and before that in quantitative analytics development at Bloomberg.

As of January 2017, Cutuli will be reporting to another new hire, Joanna Welsh, who is set to join the firm as chief risk officer for both Citadel's hedge fund management business and Citadel Securities. Before joining the firm, Welsh was global head of risk management at hedge fund manager Tudor Investment, where she had worked for 15 years. Welsh will replace Alex Lurye, who moves to a new role as chief data officer, Bloomberg reported.

Further hires

In another c-level appointment, Scott Johnston is set to join Citadel Securities as chief operating officer in April of next year, Financial News reported. Johnston previously held the same role at proprietary trading firm Tower Research Capital. He will report directly to chief executive Kevin Turner, who joined the market-maker from Microsoft in July, where he was chief operating officer.

Other recent hires by Citadel Securities include Gregg Berman as director of research for its market integrity, monitoring and surveillance unit, and Kraig Knas for sales and relationship management in its Ficc market-making business.

In June, Nicola White joined Citadel Securities as global chief operating officer for Ficc after 13 years at Morgan Stanley in New York. Her previous position was head of fixed-income e-markets. She reports to Paul Hamill, global head of Ficc.

Additional reporting by Samuel Wilkes