As mentioned yesterday, our favorite midwestern hedge fund has decided to try investment banking on for size. Former Merrill Lynch executive Todd Kaplan, who moved in with Ken in March, will run the unit, and a whole bunch of other employees have been given titles and business cards as well. Brian Maier will serve as head of industry groups and Carl Mayer will oversee leveraged finance. Sayeth Kaplan, "I look forward to building our investment banking operation as we provide innovative products and services to a broad group of clients in an increasingly complex environment."
Royal Bank Of Citadel Coming Together Nicely
Posted by Bess Levin, May 01, 2009, 12:41pm
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Posted by guest , May 01, 2009 12:52PM
A hedge fund and investment bank combo. Isn't that like putting dynamite and nitroglycerin in the trunk of a Yugo and driving in an offroad race?
Posted by guest , May 01, 2009 12:54PM
My secretary will be tossing my salad today during lunch so I will be out of touch for a little while.
Abe Frohman
Posted by guest , May 01, 2009 12:58PM
Think they can keep the mongolians out?
Posted by guest , May 01, 2009 1:03PM
Keep that baby complex. And we do need more complex, innovative products and services.
Posted by guest , May 01, 2009 1:04PM
@ 1 -- Fantastic!
Posted by guest , May 01, 2009 1:05PM
@3 ftw...nice Chinese Wall reference. Wonder if they'll have separate cubicles?
Posted by Bulging Bracket , May 01, 2009 1:05PM
@1 - it's pretty much the GS model, no? Excellent model if you've got really good drivers, and your alumni control the relevant state and federal governments...
Posted by guest , May 01, 2009 1:06PM
Why is there a picture of 399 park?
Posted by guest , May 01, 2009 1:06PM
Bess! How are you?
Posted by guest , May 01, 2009 1:10PM
@1 Nice analogy. It's only bad if you're in the car...for a spectator it's top notch entertainment.
Posted by guest , May 01, 2009 1:15PM
Hi, I think this is going to be a fantastic business model.
- Nick Leeson
Posted by guest , May 01, 2009 1:30PM
And the pic changes. Sneaky sneaky.
Posted by guest , May 01, 2009 1:35PM
what about s&t?
Posted by Bulging Bracket , May 01, 2009 1:40PM
@1 also... dynamite isn't all that dangerous to transport, it's a mix of nitroglycerin and an attenuant (it's relative safety is what made Nobel all that money). Nitro by itself is insanely dangerous and more powerful as an explosive weight for weight (the attenuant in dynamite doesn't do anything productive). Three cheers for the redundant department of redundancies.
Posted by guest , May 01, 2009 1:51PM
I found it, I found it!
http://www.citadelsecurities.ca/investment_banking.html
Posted by guest , May 01, 2009 1:51PM
@14 go away
Posted by guest , May 01, 2009 1:53PM
Is today the day I should pound my secretary in her ass? Isn't that what they do on May Day in Canada?
Posted by guest , May 01, 2009 2:06PM
@1 and 7, well done!
I know I'm updating my resume!
Posted by guest , May 01, 2009 2:06PM
@14
It's simpler to say that it's as safe as driving a Ford Pinto. Don't need the explosives that way.
Posted by guest , May 01, 2009 2:13PM
@13 That business has shown to be less profitable over the last year.
Posted by guest , May 01, 2009 9:33PM
@17: Depends on the Provence.
Posted by guest , May 01, 2009 9:34PM
@17: Depends on the Province.
Posted by guest , May 01, 2009 9:34PM
@17: Depends on the Province.
Posted by guest , May 02, 2009 3:36PM
citadel tried investment banking once before. it was 2003 or 2004 i believe. it was a flop and the guy they hired to run it (john ledden) ended up being the operations administrator of the Global Equities group.