News Summary:
Hedge funds, including firms like Citadel, are pulling back from the Treasury basis trade, a strategy involving buying cash Treasuries and shorting corresponding futures, as spreads dry up, according to reports on September 18, 2026. This follows an article on September 17 highlighting Alec Litowitz, a founding partner who joined Citadel in 1994 without prior trading experience, crediting his success to his mindset. Earlier, on September 16, Nabeel Bhanji, 40, replaced Drew Gillanders, 54, as the head of international equities at Citadel's London office; Gillanders has since been removed from the firm's website. Previously, on September 15, a rig collapsed at the construction site of Citadel's new headquarters in Miami's financial district, injuring four individuals, crushing several cars, and causing a fire. This comes after Citadel, led by Ken Griffin, significantly increased its stake in AbbVie by over 500% during the second quarter of 2026, as disclosed on September 14, citing AbbVie's robust drug portfolio.
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