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Citadel Entering Investment Banking Business

Date: Monday, May 4, 2009
Author: HFN Daily Report

Ken Griffin's Citadel Investment Group is starting up an investment banking business with three recent hires from Merrill Lynch as the hedge fund firm moves toward its goal of bringing all financial services under one roof.

To get its fledgling investment bank off the ground, Citadel recruited Todd Kaplan, who was previously a senior executive at Merrill Lynch. Kaplan, who has been with Citadel since March, will head up the new business and will report to Rohit D'Souza, the chief executive officer of Citadel Securities.

Along with Kaplan, Citadel added Brian Maier, who will be head of industry groups and Carl Mayer as head of leveraged finance. Maier was group head of consumer industries and equity private placements at Merrill, while Mayer was head of leveraged finance capital markets.

Citadel Securities is the hedge fund firm's market making operation. It also includes Citadel Solutions, the firm's administration business.

Chicago-based Citadel has about $10 billion in assets under management.