Citadel's average London investment employee earned $1.5m last year. Partners got 15x more
How much do you earn working for hedge fund Citadel in London? It depends. It depends partly upon what you do, partly upon your performance, and partly upon which Citadel business entity you work for.
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Like all British companies, Citadel is required to file regular UK accounts. It has just filed its 2023 accounts for an array of UK entities. Within them are figures for headcount and pay at Citadel's various UK hedge fund subsidiaries. Average pay varies widely between each.
The highest paid individuals at Citadel in the UK are to be found at Citadel HF Management Europe LLP, which provides "investment management services" to a related Citadel company. Two of Citadel HF Management Europe LLP's 24 partners are corporate members (ie. companies), but even excluding the $420m paid to the highest earning of these corporate members last year, the other 23 - most of whom are individuals - received an average of $23m each.
The second highest paid people at Citadel in London are to be found at Citadel Management Europe II, which also provides services in support of investment management activities and receives a profit share from Citadel Hedge Fund Management Europe LLP. At Citadel Management Europe II, average wages and salaries alone were $1.5m (£1.1m) per head last year.
The next highest paid people at Citadel in London are at Citadel Management Europe III, which employs the fund's quants and technology staff. There, average pay last year was $769k.
At the bottom end, the 'lowest' paid people at Citadel in London work for Citadel Enterprise Services Europe Ltd, which provides administrative support to Citadel's UK business. Even there, though, average pay last year was $566k.
As the chart below also clarifies, 2023 was a year of big hiring for Citadel in London. It was also a year in which pay at most entities fell and when pay for the partners at Citadel HF Management Europe LLP fell the most. This reflected a precipitous decline in operating income, which went from $2bn in 2022 to $947m in 2023 and occasioned a decline in profit from $1.6bn to $579m as a result.
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