Citadel founder Ken Griffin said Thursday that he is open to selling a small stake in the hedge fund at some point in the future.
At an event hosted by the New York Economic Club, Griffin said a deal that would sell a minority stake in his market maker Citadel Securities to Sequoia and Paradigm in 2022, valuing the company at $22 billion, makes sense. He said it was appropriate.
His comments came days after reports that BlackRock was in talks to sign a deal with Citadel competitor Millennium. Possibility of partnershipincluding the acquisition of a minority stake in a hedge fund by the world's largest asset manager.
“We take great pride in our private partnership, which has served us well for 30 years,” he said when asked about possible consolidation in the hedge fund industry. He answered: Still, he said he is “open to the possibility of selling a minority stake in Citadel at some point in the future.”
When asked what kind of partners he would work with, he said venture capital firm Sequoia would be an example. “We look for partners like Sequoia that will help us do what we do even better.”
Griffin said Citadel Securities' current focus is on growing the business and that an initial public offering should not occur in the “foreseeable future.”
