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Is Citadel Unwinding A $50 Billion Portfolio In The Aftermath Of The Surveyor Debacle
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden on 02/18/2016 13:17
Two weeks ago, before the market was shaken by the most recent bout of volatility, one which led to the dramatic outcome of Birdgewater’s Pure Alpha suffering two consecutive 5% weekly losses as reported earlier, we received a tip from an insider that as a result of substantial losses at Citadel’s internal hedge fund Surveyor, Ken Griffen’s organization was not only laying off numerous portfolio managers and traders, but that the unwinds of the associated portfolios were a direct reason for the selloff suffered at the beginning of the month.
Without going into detail, we quizzed our readers the following on February 3:
anyone else hearing these Surveyor rumors?
— zerohedge (@zerohedge) February 3, 2016
Today, the WSJ has confirmed what we heard, when Rob Copeland wrote that Citadel “cut more than a dozen members of its investment staff this week in the wake of early losses for the firm in 2016.” This is true, however, when adding all the other PMs and investment managers who have quit or left on their own in the past month, the number is far greater.
The WSJ continues:
The post Is Citadel Unwinding A $50 Billion Portfolio In The Aftermath Of The Surveyor Debacle appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/18/is-citadel-unwinding-a-50-billion-portfolio-in-the-aftermath-of-the-surveyor-debacle/
