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☆ Ken Griffin's Citadel is negotiating a company-wide ChatGPT license - and expects the buzzy AI tool to boost several parts of its business
▼ + stars: | 2023-03-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Citadel boss Ken Griffin said his companies are in talks to secure a business-wide ChatGPT license, per Bloomberg. "This branch of technology has real impact on our business," he said, adding it would help with tasks like coding. Citadel has had success with a science-friendly approach before, reaping in huge gains after it hired a team of scientists last year. "This branch of technology has real impact on our business," Griffin said. According to Griffin, ChatGPT would undertake a huge amount of responsibility at Citadel.

☆ Stocks making the biggest moves midday: Roblox, Airbnb, Barclays, Silvergate Capital & more
▼ + stars: | 2023-02-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Airbnb reported 48 cents in earnings per share on $1.90 billion of revenue. Devon Energy — Shares tumbled 12.3% after the energy company reported fourth-quarter earnings and revenue that came in below expectations. Generac Holdings — Shares rallied 8% after the power-generator maker reported fourth-quarter earnings of $1.78 per share, topping StreetAccount's estimate of $1.75 per share. Warren Buffet's firm now owns more than 93 million shares of Paramount. Martin Marietta Materials — Shares gained 7% after the company reported fourth-quarter net income of $183.6 million, up from $156.8 million a year ago.

☆ Ken Griffin's Citadel Securities reveals 5.5% stake in crypto bank Silvergate
▼ + stars: | 2023-02-14 | by ( Hannah Lang | ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Citadel Securities, the market maker that is owned by Citadel's Ken Griffin, on Tuesday reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital Corp (SI.N) worth about $25 million, according to a regulatory filing. The filing was a result of the firm's market making operations as opposed to a directional investment in Silvergate, according to a person familiar with the matter. Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research, a source familiar with the investigation has said. U.S. custodian bank State Street Corp (STT.N) reported a 9.32% passive stake in Silvergate earlier this month. Reporting by Hannah Lang in Washington; Editing by Leslie Adler and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ SEC asks big hedge funds for employee phone review - Bloomberg News
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 - The U.S. Securities and Exchange Commission has asked some major hedge funds to review certain employees' personal mobile phones for evidence of business dealings on unapproved channels, Bloomberg News reported on Thursday. The hedge funds include Steve Cohen's Point72 Asset Management and Ken Griffin's Citadel, the report said, citing people familiar with the matter. The SEC and Point72 and did not immediately respond to Reuters request for comment, while Citadel said it had no immediate comment. Reuters reported in October that the SEC's probe had expanded to investment funds and advisers. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ From FTX to Adani Group, Fraud Allegations Are Going to Rise
▼ + stars: | 2023-01-31 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

Then there's the Adani Group, which lost a jaw-dropping $72 billion in market value after short-seller firm Hindenburg Research last week accused it of "brazen" market manipulation and accounting fraud. Adani Group, whose founder's net worth recently approached Elon Musk's, has vehemently denied the allegations. Could Wall Street get hit by the Adani Group fiasco? But Wall Street is placing its bets on a California chipmaker, helping its founder get richer to the tune of $5 billion. From Madonna to Tom Brady, many celebrities who shilled for crypto or NFTs are either being sued civilly or facing regulatory scrutiny, according to the Wall Street Journal.

☆ Top hedge funds earned sharply less for clients in 2022, LCH data shows
▼ + stars: | 2023-01-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data show. The top 20 managers, led by Ken Griffin's Citadel, Bridgewater Associates and D.E. Overall, hedge funds lost $208 billion in 2022 for clients, marking the biggest single-year decline since 2008, when they lost $565 billion, LCH data showed. Hedge funds, which were jointly managing $3.3 trillion on Dec. 31, 2022, according to eVestment data, often promise to outperform, especially when markets are stumbling. Shaw, Millennium Management, Soros Fund Management, Elliott Management, and Viking Global Investors also ranked in the top 10.

☆ Hedge fund returns are rolling in. Here's how industry powerhouses like Citadel, Millennium, and Point72 performed in 2022.
▼ + stars: | 2023-01-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Hedge funds had a dismal year in 2022, but some firms still produced exceptional returns. Ken Griffin's Citadel had record revenues of $28 billion, as well as a 38.1% return from its main fund. Cliff Asness' AQR had a 43.5% return in its oldest fund and record results in 12 other funds, too. 2022 was a dismal year for the hedge fund industry. A few industry stalwarts — AQR, Citadel, and Rokos Capital— had record years.

☆ Billionaire Ken Griffin's Citadel is surpassing other multi-strategy hedge funds with double-digit returns this year. Here's how these funds did in October.
▼ + stars: | 2022-11-03 | by ( Alyson Velati | ) www.businessinsider.com time to read: +2 min

Performance at rivals like Millennium, DE Shaw, and Balyasny fell behind. Billionaire Ken Griffin's Citadel outpaced its rivals with a 1.52% gain in October, increasing the year-to-date performance to 30.7% and topping returns at rivals like Millennium, DE Shaw, and Balyasny, according to investor figures seen by Insider. Citadel Equities was up 0.6% in October, bringing year-to-date performance to 17.4%. DE Shaw saw a 1.6% jump through the month ending October and was up 22.6% year-to-date. ExodusPoint slightly jumped 0.5% in October and was up 4.5% year-to-date, according to a source familiar with the firm's performance.

☆ Citadel just snagged a new tech portfolio manager from a $38 billion hedge fund
▼ + stars: | 2022-10-13 | by ( Alyson Velati | ) www.businessinsider.com time to read: +1 min

Citadel hired Vesal Yazdi for its equities team from Davidson Kempner Capital Management. Yazdi ran technology investments for Davidson Kempner's equities business and worked at the $38 billion hedge fund for over six years. Citadel's equities strategy was up 2.5% in September and it's returned 16.6% year-to-date, according to a person familiar with the hedge fund's performance. The average hedge fund returned just over 1% in September, increasing the year-to-date return to 3.8%, according to Hedge Fund Research. Davidson Kempner declined to comment on Yazdi's departure from the firm.

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