Citadel has parted ways with credit portfolio manager Zachariah Barratt following a series of losses, including a high-profile position linked to the bankruptcy of Spirit Aviation Holdings, according to a report by Bloomberg.

Barratt, who joined the firm in 2021 from Apollo Global Management where he led corporate credit trading, was part of Citadel’s global credit business within its flagship multistrategy platform.

His portfolio was hit by exposure to Spirit, the US budget airline that filed for bankruptcy in late 2024 after a proposed merger with JetBlue Airways collapsed on antitrust grounds. The company subsequently returned to Chapter 11 proceedings less than a year later.

Citadel had built a sizeable position in the distressed carrier, at one point emerging as the largest holder of its senior notes. The firm held more than $149m of the debt when Spirit first filed for bankruptcy, increasing its exposure across debt, equity and warrants during the restructuring process.

Citadel, one of the world’s largest multistrategy hedge funds, managed around $69bn as of early March. Its flagship fund delivered a gain of 10.2% last year, with credit representing one component of its broader investment platform.