Hedge Funds

Litowitz is back and building for launch


After two years out of the market competing in triathlon events, former Citadel equities chief Alec Litowitz is preparing to launch what is expected to be the largest-ever hedge fund by an alumnus of Ken Griffin's Citadel Investment.

Litowitz is now actively recruiting for the multi-strategy firm, Magnetar, which will be based in Chicago. It is unclear how much Litowitz would like to raise or even if he has decided on an amount, but he is expected to have little difficulty joining the ranks of instant billion dollar funds.

Litowitz was almost a founder of Citadel, having arrived