Ken Griffin Cans Steve Cohen’s Brother-In-Law

Because everyone at Citadel not named Ken Griffin will be fired eventually.
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A couple of years ago, Ken Griffin and Steve Cohen had a bit of a disagreement over the relative prevalence and availability of talented traders with which one could stock a hedge fund. Steve was bemoaning the bottom-of-the-barrel resumes he was seeing; Ken suggested there might be a reason for that. As if to demonstrate, at around the same time, Griffin hired Cohen’s brother-in-law to run a new stock-picking unit, because he could. And then he had Richie Schimel fill that unit, Aptigon Capital, with refugees from Visium Asset Management, because that’s what he does, and also because he could—and Cohen couldn’t. And now, Griffin has fired Schimel, because, again, that’s what he does, and, again, also because he can. Maybe it’s time for that family reunion after all.

Cohen.Schimel.Griffin

Richard Schimel, who had headed the Aptigon Capital unit, left this week after a year and a half at the hedge fund, said the people, who asked not to be named discussing personnel moves. The reason was due to performance, one of the people said. There was also a difference of opinion on the future of the unit, another person said…. Eric Felder has been named the head of Aptigon Capital and Reza Shahi will become the COO.

Citadel let go of one of its star traders because of performance [CNBC]
Look at Quant Hires for Ken Griffin’s Habit of Pouncing on Distress [Bloomberg]

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