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Citadel merges credit units as credit chief Russell departs


Citadel Investment Group is merging its smallest credit division, the fundamental credit group, with two other related groups, as Joe Russell, head of U.S. fundamental credit, is leaving the firm. Russell’s unit, which has not been profitable this year, is being merged with the larger structured credit and convertible bond businesses.

Those groups do not manage standalone funds, but run money for portions of the firm’s flagship Kensington (onshore) and Wellington (offshore) funds. Those funds were down roughly 6% this year. The firm’s other two strategies, its market making and tactical trading funds, are both up for the year