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.”
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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?
My secretary will be tossing my salad today during lunch so I will be out of touch for a little while.
Abe Frohman
Think they can keep the mongolians out?
Keep that baby complex. And we do need more complex, innovative products and services.
@ 1 — Fantastic!
@3 ftw…nice Chinese Wall reference. Wonder if they’ll have separate cubicles?
@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…
Why is there a picture of 399 park?
Bess! How are you?
@1 Nice analogy. It’s only bad if you’re in the car…for a spectator it’s top notch entertainment.
Hi, I think this is going to be a fantastic business model.
- Nick Leeson
And the pic changes. Sneaky sneaky.
what about s&t?
@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.
I found it, I found it!
http://www.citadelsecurities.ca/investment_banking.html
@14 go away
Is today the day I should pound my secretary in her ass? Isn’t that what they do on May Day in Canada?
@1 and 7, well done!
I know I’m updating my resume!
@14
It’s simpler to say that it’s as safe as driving a Ford Pinto. Don’t need the explosives that way.
@13 That business has shown to be less profitable over the last year.
@17: Depends on the Provence.
@17: Depends on the Province.
@17: Depends on the Province.
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.