Great job opportunity alert.
Griffin’s new Boston fund hopes to hire up to 37 new people who, once they’ve proven their performance during a solid 2-year trial running Citadel money, will then launch Citadel-seed funds of their own.
“We’re hopeful that we can create the next layer of brightest and most talented money managers,” Jon Venetos, a Citadel managing director who is overseeing the launch of the Boston office on State Street said.
Under this venture, managers run Citadel money for two years, building a track record they can use later to raise money from outside investors. Citadel says it will help the managers raise that money, while retaining the right to invest themselves.
But don’t thank him just yet.
“A lot of big hedge funds are seeding smaller hedge funds for several reasons, one of which is to pick off ideas of theirs and enhance their own internal research,” says Charles Gradante, cofounder of Hennessee Group, a New York adviser to investors in hedge funds.
Sounds like a pretty good trade off for someone who can’t raise money for a hedge fund on their own – give the guy your good ideas for a couple of years, he gives you a career.
The hedge fund industry is ripe for new leaders. Check out all the big managers who are about to retire >
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