One of Citadel's top credit portfolio managers quit for UK rival
Dan Shatz, one of the top credit portfolio managers at Citadel's New York office, has left the fund. He's joining the British hedge fund Marshall Wace.
Shatz joined Citadel in June 2020 after an 11-year career in credit trading at JPMorgan. He co-founded his own fund, Column Park Asset Management, but left for Citadel six years later. Michael Gorun, his colleague at Column Park, joined at the same time. Both men worked in the global credit business at Citadel, run by Pablo Salame, the former co-head of securities at Goldman Sachs.
Marshall Wace was founded in 1997 by Paul Marshall and Ian Wace and historically focused on long/short equity. Bloomberg reported last week that the fund has begun levying a 0.75% “compensation surcharge” to pay its staff. Marshall said at the time that the multistrategy firms [eg. Citadel] are "driving a bidding war for talent,” and that somewhere like Marshall Wace is a better place to work.
“Their modus operandi is transactional, associated with high employee turnover, and is a complete antithesis to the culture of Marshall Wace," said Marshall, of multistrategy funds. By comparison, he said Marshall Wace is,"characterized by long-employment duration and a highly collegiate environment."
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