Despite market volatility, the Citadel Investment Group, a hedge fund based in Chicago, has gained 27 percent year to date in what’s shaping up to be its second straight showing of double-digit returns, The Chicago Tribune reported.
Citadel, run by Kenneth C. Griffin, topped 30 percent in 2006, helped by energy bets after it took over some assets from Amaranth Advisors, which imploded in September 2006.
That deal has continued to pay off in 2007, along with Citadel’s opportunistic purchase of distressed hedge-fund assets during last summer’s credit turmoil, according to The Tribune.
The average hedge fund is up 11.8 percent this year, down only slightly from the 12 percent in 2006, according to Hedgefund.net.
News of Citadel’s strong performance comes amid chatter that the hedge fund may be plotting an initial public offering. In September, Citadel hired John Andrews, the head of investor relations at Goldman Sachs, who was brought on at the bank shortly before its initial public offering.
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