In my search for business related articles I have stumbled across this article from Left Hand Right Minded. This article talks about how money managers that used to work at Citadel under Ken Griffin are actually working hard to beat him. They now work as his rivals. Among the money managers that have started their own firm with the intention of outdoing their former boss is an Indian judo instructor, a plasma physicist from Russia and a Los Angeles born resident who has lived in New York as an investment banker. They each have degrees from some of the most well respected Universities. They also use their influence and ambitions that were inspired by Ken in order to build their own brand.
Recently, Magnetar, which is a spawn of Citadel has sold a minority stake to Blackstone, which is a large asset manager based in New York. This was done with the purpose of reaching more talent and actually earning more in revenue. This shows a new route that Chicago firms have developed with the purpose of expanding their enterprise. The other successors to Citadel are going to have to follow suit if they want to have a chance.
Ken Griffin has set some high standards with his Citadel company which has $26 billion under their management. they handle 70% of the money that is in the industry with Magnetar being in second place with $14 billion under its management. Many other people that worked at Citadel have broke off to start their own firms incorporating what they have learn from the time they have spent under Ken Griffin’s management. This is perhaps one of the signs of a good business owner. He inspires others to do what he is doing. More people will follow in his footsteps and may possibly even make new innovations in their endeavors.