Citadel Extends Non-Compete to 21 Months to Retain Talent (1)

Ken Griffin’s Citadel prolonged its non-compete agreements for some portfolio managers to 21 months, underscoring the unrelenting hiring war among multistrategy hedge funds.

The firm’s non-competes averaged one year in 2020, though some managers had to sit out as long as 18 months to get their deferred compensation. Citadel’s latest extension is longer than rivals’ policies, which are closer to 12 months, according to people familiar with hiring practices.

A spokesperson for Citadel declined to comment.

Ken Griffin

Photographer: Saul Martinez/Bloomberg

The competition for talent at multistrats is intense, with investment headcount at those firms up 13% in the 12 months ended ...