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Citadel To Close $1B Fund Of Hedge Funds

Date: Thursday, October 30, 2008
Author: FINalternatives

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Citadel Investment Group is shuttering a $1 billion fund of hedge funds.

The fund, Fusion, is run by Citadel Alternative Asset Management, set up by the Chicago hedge fund giant last year. The fund will return external money—which accounts for just about 5% of its assets—to investors, and will move the rest of the money, which is internal, to CAAM’s two seeding and incubation funds, Pensions & Investments reports.

The move will almost double the assets of the Discovery and Pioneer funds.

Jon Venetos, managing director of CAAM, will remain in charge of the unit, according to P&I.