Surveyor vs Ashler vs Global Equities (Citadel)
I understand Citadel currently has three fundamental equity long/short investing units: Surveyor, Ashler and Global Equities. What are the differences?
Historically, I think Citadel previously operated as Aptigone, Ravelin, Pioneer Path and maybe additional names too. P72 has Everpoint, Launchpoint and Valist. Why are these well known MM firms continuing to spawn new brand names?
Corporate access
No, any competent IR team knows they are the same firm wearing different hats.
It's really to motivate different business unit heads and reduce correlation. Think about having one person oversee 60 PMs versus having three individuals overseeing 20 PMs each.
It's both. But yeah having one single person managing 100 PMs at Citadel would be tough.
Following
They’ll dress it up and make it sound more sophisticated, but it’s for corporate access.
Even though sell-side brokers and IR teams know it’s the same firm at the end of the day, they still effectively treat each unit as a different firm in terms of allocated mgmt. exposure.
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