Citadel has reshaped key parts of its investor recruitment and business development function as competition for senior investment talent intensifies across the hedge fund industry, according to a report by Business Insider.
The $67bn multi-strategy firm led by Ken Griffin has seen a series of departures and internal promotions across its business development (BD) teams over the past two years, reflecting a broader restructuring of how it sources and retains investment professionals.
The latest change came with the departure of chief people officer Sjoerd Gehring, a former Apple and Accenture executive who had been in the role for less than two years. Earlier this year, Eleanor Sharkey, head of business development for Citadel’s International Equities business, also left the firm.
Those exits follow a wider turnover in BD roles, which sit at the centre of Citadel’s hiring engine by identifying and recruiting portfolio managers and investment teams while allowing senior investment leaders to focus on trading and strategy.
Rather than relying heavily on external poaching from rival hedge funds, Citadel has increasingly focused on internal promotions and hiring from adjacent sectors, particularly junior banking and sales professionals with exposure to hedge fund clients.
The firm said its people function remains focused on attracting and developing talent across the organisation, noting that its recruiting teams span more than 100 employees globally.
Recent appointments and internal moves include Freya Maynard stepping up to lead International Equities BD following Sharkey’s exit, while Mackenzie Snyder was promoted to recruit for the Surveyor equities group. Olivia Cascio has also taken responsibility for hiring across the firm’s Fixed Income and Macro strategies.
Citadel has also recruited externally, with Sapna Vir set to join from Verition Fund Management as head of BD for credit and convertibles in December.
