Citadel makes record $16bn profit

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Ken Griffin's Citadel is now the best ever performing hedge fund in terms of annual returns having chalked up a $16 billion profit for investors in 2022 on the back of a raft of winning wagers including bonds and equities, according to a report by the Financial Times.

Citadel's bumper return puts it ahead of the previous annual record of $15.6 billion set by John Paulson in 2007 through a winning bet against the subprime mortgage market.

The report cites research by LCH Investments as revealing that Citadel, which manages $54 billion in assets, saw its main hedge fund return 38.1% last year, while other funds also chalked up strong gains.

Citadel gross trading profit totalled $28bn last year, with the company charging its investors — one-fifth of whom are its own employees — roughly $12 billion in expenses and performance fees.

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