Citadel Investment Bank - Starting their own IB
Looks like Citadel is starting their own investment bank. Apparently 5 ex Merril guys are already on board.
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Maybe I should drag around a toilet to show people that I AM THE SHIT.
Family Video's quant desk?
This could be a start of investment banking shifting to hedge funds
Or it could be on outlier data point with no meaning whatsoever.
Ditto, how many hedge funds are big enough to (or would want to) start banks. And it's a meaningless statement anyway, as many banks have their own hedge funds already
Its not a meaningless datapoint. Shops like BX (PE mostly, I know) have been going hard at banking lately (restructucting mostly, I know).
I think theyr'e going to take a shot at it while they can. Before things really hit the fan there was speculation that maybe hedge funds were the new banks. In reality, I think we're just seeing everything converge.
Anyone can try it out with the right amount of capital to lure talent and if they execute the process correctly they will make a name for themselves to be good for investment banking.
Your proclivity for meaningless statements is amazing.
They're gonna have to build a chinese wall the size of texas.
Its only speculation, maybe some of you are just nervous at the thought. Just like the absurdity of a trillion dollar government bailout. Investment Banking is just a service where you receive a fee, its all about the people involved. They move, so does I-banking.
What do you guys actually think about Griffin's chances of succeeding and making Citadel into a first-rate investment bank (at the very least, comparable to a top small firm like Greenhill/Moelis/Gleacher if not a top BB)?
You guys are unequivocally stupid.
NYC HERE I FCUKING COME.
Having read of Ken Griffin's goals, I don't think it's a joke. If what people have written of him is true, he genuinely wants to expand beyond trading opportunities.
http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/16/84042…
"What sets him apart from his fellow nouveau zillionaires is the scale of his ambition. Griffin, say people who know him, doesn't want a reputation merely as a hedge fund legend like Tiger Management's Julian Robertson or SAC Capital's Steve Cohen. What he really seems to want is to build an edifice for the ages: a diversified, large-scale financial institution on the order of Goldman Sachs or Morgan Stanley."
As I recall, Citadel is one of the few top hedge funds that doesn't outsource its back-office operations, instead building out its own operations and offering them to other hedge funds. That sounds more like someone that wants to eventually move to full-service financial services than wants to remain as a typical old hedge fund.
http://dealbook.blogs.nytimes.com/2009/05/01/citadel-now-an-investment-…
http://dealbook.blogs.nytimes.com/2007/04/04/will-a-hedge-fund-become-t…
Perhaps this is all a big joke, but assuming that it's not, what's the likelihood that Griffin is successful?
Marcus, no need to be a prick. u need to stfu
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