Electronic trading firm Hudson River Trading (HRT) has hired a senior executive from Citadel to lead debt investor relations, a move that could signal the firm’s intention to expand its funding capabilities as it continues to invest heavily in technology and artificial intelligence, according to a report by eFinancial Careers.
Jared Miller has joined HRT as head of debt investor relations after spending five years in the same role at Citadel. Before that, he spent 16 years at Goldman Sachs, where he was a managing director in investor relations.
The newly created position will see Miller work alongside HRT chief financial officer Brad Olson and head of corporate finance Anthony Zielinski. Although HRT has not commented on the appointment, the role suggests a greater focus on managing relationships with lenders and debt investors.
Unlike traditional hedge funds, proprietary trading firms such as HRT trade using their own capital rather than managing external client assets. However, many of the largest firms have increasingly tapped debt markets to finance expansion, technology investment and trading operations.
HRT is no exception. Earlier this year, the firm completed a $2.9bn refinancing of an existing $2.35bn loan that matures in 2030, continuing a strategy of using debt financing to support growth.
The appointment comes as the distinctions between large proprietary trading firms and multi-strategy hedge funds continue to narrow. Firms including HRT, Citadel Securities, Jane Street and XTX Markets have significantly expanded their technology infrastructure and quantitative research capabilities in recent years, increasing both their capital requirements and financing needs.
Maintaining strong relationships with creditors has become increasingly important as firms invest heavily in artificial intelligence. Advanced AI models require substantial spending on computing infrastructure, specialised hardware and cloud services, adding to operating costs across the quantitative trading sector.
Credit ratings have also been an area of focus for HRT. Moody’s revised its outlook on the firm to negative in 2022, citing expansion beyond its traditional areas of expertise. More recently, however, S&P assigned the firm a stable outlook as part of its refinancing process.
HRT has emerged as one of the world’s most profitable proprietary trading firms. According to reports, it generated approximately $4.2 billion in net profit during the first quarter of 2026.
