BOSTON, March 28 Hedge fund Citadel said it is
making changes at the top of its global quantitative division by
bringing back James Yeh to replace the current head who is
Jonathan Graham, who has headed the unit for four years, is
leaving the $26 billion hedge fund to take a break from finance,
Citadel spokesman Zia Ahmed said on Tuesday. Graham worked for
Citadel for 13 years and is based in Chicago.
Graham had replaced Yeh four years ago when Yeh left
Yeh earned a PhD in physics from the University of
California - Berkeley and originally joined Citadel in 1993. He
was responsible for helping to create the quantitative strategy
in the mid-1990s and was its leader when he retired.
Now he will head the quant unit as well as oversee equity
quantitative research and the global trading groups.
As one of the hedge fund industry's largest firms, Citadel
operates five strategies, including fixed income and macro,
equities, credit, commodities and global quantitative.
Citadel's flagship on-shore multi-strategy fund Wellington
has returned 2.60 percent this year.
Quantitative strategies where computer models help traders
earn above average market returns have become extremely popular
among hedge funds and big-name firms, including Citadel, are in
competition to hire the most talented new graduates.
Citadel, for example, has been stepping up its recruiting
efforts by hosting competitions at universities including the
Massachusetts Institute of Technology and offering a $100,000
top prize for the winner in order to get students who are
specializing in computer science and other technical fields to
consider careers in finance.
(Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz)