Ken Griffin just hired Geoff Coley, the former head of Chapdelaine & Co’s now-defunct credit shop to head up fixed income at Citadel Securities.And Coley is reportedly bringing 30 employees from his former firm with him, according to Businessweek.
A Citadel spokesman told Businessweek that the firm had committed a “substantial” amount of capital to this new team and the debt brokerage business in general. This is not surprising, since it’s well-known that Griffin wants to build an i-bank to rival Goldman Sachs.
There was an opening in Fixed Income with three of the firm’s top executives departing back in December. Though we’re not sure whether Coley and his cohort’s entry pushed Chris Boas, Brad Kurtzman and Carl Mayer out of the firm, or if they left by choice and their positions are simply being replaced post-departure.
As far as Coley’s background goes, before Chapdelaine, he was co-head of fixed-income trading at Citi. And prior to that, he was a VP in Salomon Brothers’ Corporate Bond Trading department and a trader at Kidder Peabody.
He met his wife Ann when they were both working at Saloman Brothers (she was a sales assistant in the taxable fixed-income department at the time) and they got married in Florida. She’s now a bit of a fixture in the New York social pages.
“What I liked about Citadel is it has the backbone and the infrastructure of a big establishment,” Coley said. The sales and trading operation “is a startup within a large, stable institution,” he said.
Chapdelaine set up the credit division in 2009 after Lehman collapsed, but it closed after an agreement to receive funding from Primus Financial faltered. The majority of Chapdelaine’s traders, sales staff and analysts will relocate to Citadel Securities. That group includes:
- Andrew Rochat, a founding partner of Chapdelaine. He previously worked for Lehman Brothers and UBS, and earned a B.A in economics from Hobart College.
- Jon Walker, a founding partner of Chapdelaine. He previously worked for Lehman Brothers. He earned a B.A from Boston College.
- Scott Shiffman, was head of desk analysts at Chapdelaine. He previously worked for BarCap and Lehman Brothers, and is a CFA. He has an MBA from Rutgers.
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