Much like higher taxes, Ken Griffin is not, in principle, opposed to one hedge fund poaching staff from another. Why, he’s been known to do a bit of it himself. But, much as with higher taxes, the Citadel chief has a notable exception to make.
Several former Citadel employees now at Balyasny were accused of being in breach of their contracts, including non-compete and non-solicitation agreements….
We all know how touchy Griffin can be about that kind of thing, and now, so does Dmitri Balyasny.
The investment firm told headhunters earlier this month not to recommend potential staff from the Citadel unit, according to a memo seen by Bloomberg. The ban extends to anyone who works there or supports the business, as well as those that worked for the unit after May 15 but have since left.
Tough luck for the latest Bar Griffzvahs.
Balyasny agreed to the terms of the settlement, which included not hiring some staff, or former staff, from the Citadel unit for a limited period of time, the people said…. “Until further notice, we can no longer solicit or hire anyone from Citadel’s Global Fixed Income business,” Balyasny said in the memo. The ban includes even employees who worked for the unit on or after Jan. 1, 2019 but now work for a different division in the firm.
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