Citadel founder Ken Griffin is open to the future sale of a minority stake in the multi-strategy hedge fund firm, according to a report by Reuters citing remarks made by the 56-year-old at the Economic Club of New York on Thursday.
Griffin emphasised that such a move would align with the strategic partnerships Citadel has pursued in the past.
In 2022, Citadel Securities, Griffin’s market-making business, sold a minority stake to venture capital firms Sequoia and Paradigm in a deal valuing the business at $22bn with Griffin describing the partnership as mutually beneficial, highlighting the importance of engaging with collaborators who push the firm to excel.
“We take great pride in being a private partnership; it has served us well for 30 years,” Griffin stated. However, he acknowledged that a minority stake sale could be a possibility, contingent on finding the right partner. He pointed to Sequoia as an example of an ideal collaborator, praising the firm’s ability to drive innovation and improvement.
Griffin’s comments follow reports that BlackRock, the world’s largest asset manager, is in talks to acquire a minority stake in Citadel competitor Millennium.
Despite being open to selling a stake in Citadel, Griffin dismissed the possibility of taking Citadel Securities public in the near term, saying an initial public offering is “not happening in the foreseeable future.” Instead, he highlighted the focus on business growth and maintaining Citadel’s private partnership model.
