17/02/2010 Author: Elana Margulies

Former Citadel pro Russell sets up new hedge fund 

Joe Russell, formerly with Citadel Investment Group, is in the process of setting up a hedge fund, HFMWeek can reveal. The fund is called Bellpoint Capital, according to a source familiar with the plans.

At Citadel, Russell was the key driver behind the hedge fund's $2.55bn investments in E* Trade Financial Corp and also pushed for the fund's purchase of assets from Sowood Capital.  

According to reports, Russell departed Ken Griffin's hedge fund titan in September 2008 after disagreements over how to manage his division at the firm, the fundamental credit group, the smallest and most unprofitable of Citadel's three credit operations. Following his departure, the team was folded into Citadel's other credit businesses.

Russell's launch follows another Citadel alum who recently set up a hedge fund. In October, Ervin Shindell, who was in charge of the team that placed bets on companies involved in M&A, launched Chicago-based RoundKeep Capital Advisors. Other former Citadel employees joined him for his new venture including Joseph Rotter, Robert Doherty and Robert Donath.

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