Citadel, the hedge fund founded by Ken Griffin, has reportedly hired Nabeel Bhanji, a prominent partner from Elliott Investment Management. This move is considered one of the most significant defections in the hedge fund industry this year. Bhanji, 38, had been with Elliott for over a decade and was based in London.
Bhanji's role at Citadel is described as a "global leadership" position within its equities division, in addition to his investment responsibilities. This suggests a substantial new mandate for him at his new firm. At Elliott, Bhanji was instrumental in high-profile deals, including a $1 billion stake in Anglo American Plc and involvement with Swedish Match AB and Rocket Internet SE. He also served as a director of Toshiba prior to its privatization.
While Citadel has confirmed Bhanji's hiring, details about his exact role and compensation have not been officially disclosed. However, speculation in the London market suggests a substantial compensation package, potentially upwards of $10 million to $20 million annually, given his stature and the premium required to move from a top-tier firm like Elliott.
In response to Bhanji's departure, Elliott plans to redistribute his management and investment duties. Gordon Singer, head of Elliott's London office and son of founder Paul Singer, will oversee Bhanji's previous trades, supported by Aaron Tai, who will assist with Japanese investments. This internal reallocation highlights the importance of Bhanji's previous contributions to Elliott's European and Japanese business.
This hire by Citadel underscores the ongoing competition for top talent in the hedge fund sector, with firms offering significant incentives for experienced portfolio managers with proven track records. Bhanji's move may also indicate Citadel's strategic focus on expanding its event-driven investment capabilities, potentially leading to the formation of a new team under his leadership.
