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With the multistrategy hedge fund titans closed to outside cash amid a dearth of talent able to manage their money, Citadel and Millennium traders are seizing the chance to go it alone. And investors are backing them with an avalanche of assets.
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“Citadel and Millennium are as good a pedigree as you’ll find today,” said Craig Bergstrom, chief investment officer at New York-based Corbin Capital Partners that invests in hedge funds. Yet, “it’s a meaningful transition to go from running a portfolio at a highly-levered platform to generating returns as a standalone fund. Some will be surely be successful, while others will struggle,” he said.
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