Citadel founder Ken Griffin used an internal Balyasny email to talk about the competitor hedge fund's culture during Citadel's annual meeting, sources say.
Sources say billionaire Ken Griffin projected an internal Balyasny email on a screen during Citadel's annual meeting.A big brother-little brother rivalry between Chicago-based hedge funds Citadel and Balyasny Asset Management has heated up, sources at both hedge funds say, as the firms fight for talent.
All hedge funds are rivals in some sense, fighting each other for talent, data, and alpha — though Balyasny and Citadel appear to be in different leagues, given their asset base and recent performance. But several sources have told Business Insider that the turf war between the two Chicago-based hedge funds has reached new heights.
A source close to Citadel said that Griffin used the Balaysny email as as an example of what"poor culture can do to a firm," noting that he also mentioned Enron in the same meeting. But sources inside Citadel say that their takeaway from the meeting was that they needed to beat Balyasny, not the benefits of a strong workplace culture. Sources also say it was not explained how Griffin obtained the internal email.
Balaysny, meanwhile has hired former Citadel staff including its former chief data officer Alex Lurye and Jeff Runnfeldt, who was once was the head of one of Citadel's now-shuttered equity arms, Ravelin Capital.There's a difference in the type of talent the two sides have poached from each other, industry sources say, with Balyasny often bringing on Citadel analysts and associate portfolio managers and promoting them.
Balyasny also shuttered his long-running"best ideas" fund due to poor performance last year, and several top marketing and IR personnel have left this year including IR and marketing managing director Stephanie Mesheski and global head of platforms Rich Arbucci, sources say.
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