Wall Street closes at a record for the first time since end of January
Investing.com -- Citadel, the most successful hedge fund in commodity markets, is expanding into industrial metals as prices from copper to tin reach record highs.
According to a report from Bloomberg News, the Miami-based hedge fund led by Ken Griffin has hired Ylan Adler as a portfolio manager with a cross-commodities mandate that will significantly include metals, according to people familiar with the matter.
This move represents a strategic shift for Citadel, which has previously avoided the industrial metals sector despite being active in precious metals for several years. The fund had traditionally viewed base metals like copper and zinc as areas with limited opportunities and difficult competition from established traders such as Glencore Plc and Trafigura Group, which also own large-scale producing assets.
Citadel’s commodities business has generated substantial profits in recent years, including approximately $8 billion in 2022. Its success has prompted competitors to increase their own commodity hiring efforts. Until now, Citadel has primarily concentrated on energy markets, becoming one of the largest physical gas traders in the US.
While Adler’s hiring is relatively modest compared to the large-scale recruitment campaigns of some rivals, it signals a notable change in direction for the hedge fund as it joins a broader industry trend of increased interest in metals trading during the current market boom.
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