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Citadel Takes The High Road (And Your Employees)

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I realize that he has bigger, more phallically-named fish to fry, but we were a bit disappointed to see the remarkably restrained and diplomatic letter sent from Ken Griffin to his clients yesterday regarding the pettiness that was JP Morgan's decision to stop trading with hedge fund because many of its employees were peacing for Chi-town. Points for not actually denying the alleged poaching, but we're still holding out hope that after he's done riding sidecar on the Zamboni headed straight for Mr. Cox, he calls up gal-pal Daniel Loeb to help him craft a more robustly worded missive. For now, there's only this:

Dear Investor,
You may have seen reports that in response to the continued exodus of talent from JP Morgan to Citadel, JP Morgan has decided to suspend trading activities with our firm. We do not anticipate any disruption to our business, as we continue to interact closely with our numerous other trading counterparties and with JP Morgan for both clearing and financing.
We regret that JP Morgan has chosen this course of action. Our firms have a long history of working together, and Citadel has established itself as one of the world's leading liquidity providers, executing more than five percent of U.S. equity volume and more than 20 percent of U.S. options volume.
We will continue to manage Citadel in a manner that is in the best interest of you, our investors. Given the tremendous consolidation taking place across Wall Street, we have made a conscious decision to expand our business on a global scale, and our platform continues to attract talent from major banks and other organizations around the world.
While these are challenging times in the global financial markets, our long-held belief is that out of difficult times come the most exceptional opportunities. As always, thank you for your continued support of our organization.
Ken Griffin


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