First the nutrient-rich superfoods entered our lexicon. More recently, the NBA is breeding superteams. And now Citadel has become a super-recruiter powerhouse.
For each of the first three quarters of 2016, Citadel has dominated overall hedge fund hiring activity, onboarding hundreds of full-time professionals quarterly and leaving second-, third- and fourth-place hedge fund hirers — with their still-impressive double-digit quarterly hiring stats by hedge fund standards — a distant speck in the rearview mirror.
Even in the area of internal recruiters, Citadel hired more than anyone else: At least 30 recruiters and associated support staff joined Citadel so far in 2016. And based on our profile of Citadel’s 2016 hires of internal recruiters, they’re doing it almost entirely with headhunters — or as they’re now more often referred to with the more genteel “talent acquisition” (TA) staff — from outside the industry. Their new recruits also have a strong technology focus.
Of the new internal recruiters, at least four were pulled from gift card marketplace firm Raise.com. They include former Raise.com director of talent acquisition Robert Crawford, who in March became a director of technology recruitment. In July, former Raise.com recruiter Mac Stahr joined Citadel in a TA role, also focused on tech hiring. In August, former Raise.com senior TA specialist Peter Biasco joined Citadel to help source more techies. And in September, Raise.com’s former head of technical sourcing Mark Oakey, who spends his time “steadfastly sleuthing software savants,” according to his LinkedIn profile, joined Citadel in — you guessed it — a technology TA role.
In Q2, Citadel hired Chief People Officer L.J. Brock from multinational open-source software company Red Hat, where he’d served in senior TA and talent strategy roles until April, when he joined Citadel. And Josh Estrada joined in May in a tech TA role from designer hardware marketplace Inventables, where he’d served as head of talent.
As HFObserver reported earlier this year, Citadel’s Q1 senior recruiting hires included former customer loyalty network FiveStars’ head of talent acquisition Kriste Stull, who in February became a senior talent partner, and former NBCUniversal Media senior executive search professional Lauren McNulty, who in March became a global senior talent partner.
Other hires not surprisingly came from small and large technology/software and media firms.
A handful of 2016 recruiter hires came from search firms including Los Angeles–headquartered Korn Ferry International (NYSE: KFY), Bay Street Advisors, Hutton Consulting and SG Partners. And former Rice Search Partners recruiter Adam Sharkie joined Citadel in December 2015 as the firm’s lead commodities recruiter, a noteworthy addition given the extent of Citadel hiring for this asset class.
Rare is the case when Citadel hired right out of a hedge fund. One exception was Elizabeth Floyd, who stepped out of Och-Ziff Capital Management Group (NYSE: OZM) in July and into Citadel in August as a senior talent partner. As recently reported by HFObserver, Bridgewater Associates alumnus Justin Pinchback joined Citadel in a talent strategy and solutions role in September after leaving the world’s largest macro fund in February.
In addition to its internal candidate-sourcing function, Citadel also outsources part of its recruiting to search firm vendors on both a contingency and a retained basis.
For the purpose of this survey, HFObserver included only full-time nonadministrative hires to Citadel’s investment/hedge fund business. HFObserver also included Citadel’s equity hedge fund units Surveyor Capital, Ravelin Capital and Aptigon Capital. Citadel operates a substantial sell-side/brokerage business, whose recruiter hiring was excluded from this survey.
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