Ken Griffin’s Citadel hedge fund is reorganizing the leadership of its international equities operations as it aims to increase its investment presence across Europe and Asia. The firm announced that Drew Gillanders, the current head of international equities, will be stepping down and replaced by Nabeel Bhanji, who joined Citadel last year in London from Elliott Management.
Citadel’s international equities division includes two main components: Citadel International Equities, which has a long history of taking long and short positions in individual companies, and Strategic Equity Investments, a newer unit launched last year and currently led by Bhanji. The firm plans to consolidate these two units under Bhanji’s leadership to create a unified international equities platform.
Since Bhanji’s arrival, Citadel has notably increased its risk deployment in European and Asian markets. Managers within Strategic Equity Investments have been allowed to take larger stakes in companies and maintain those positions for extended periods. They are also encouraged to engage in more cooperative, “constructive” dialogues with the management and boards of portfolio companies. However, this approach stops short of the activist investment strategies that Elliott Management, Bhanji’s previous employer, is known for.
A Citadel spokesperson said the firm is enthusiastic about the ongoing expansion of its international equities business and expects the combined team to benefit from Bhanji’s leadership, expertise, and focus on talent development.
Founded in 1990 by Ken Griffin, Citadel manages more than $77 billion in assets and is recognized as a major player in the multi-manager hedge fund sector, which is one of the fastest-growing areas in the broader $5.6 trillion hedge fund industry. Along with firms like Izzy Englander’s Millennium Management, Citadel is known for deploying portfolio managers who trade across a wide range of asset classes, including commodities, credit and convertible bonds, equities, fixed income, and macro and quantitative strategies.
As its large US business has matured, Citadel has been shifting more resources to international markets, operating from key offices in London, Hong Kong, and Singapore. Historically, the hedge fund has occasionally returned profits to investors when it perceived a lack of compelling investment opportunities.
Bhanji brings over a decade of experience from Elliott Management, where he served as a portfolio manager and equity partner. His appointment and the reorganization of Citadel’s international equities businesses reflect the firm's strategy to capitalize on the growth in multi-manager strategies and the increasing interest among investors in these diversified investment approaches.