© Reuters. FILE PHOTO: Ken Griffin, founder and CEO of Citadel, looks on during the Global Financial Leaders Investment Summit, in Hong Kong, China, November 7, 2023. REUTERS/Tyrone Siu/File Photo
(Reuters) – Billionaire Ken Griffin's Citadel plans to return about $7 billion in profits to investors after a year of double-digit returns, a source familiar with the matter said on Tuesday.
Its flagship multi-strategy Wellington fund returned 14.8% this year through November, a second source said.
Last year, Citadel also returned approximately $7 billion in profits to its investors after posting gains of more than 30%. Griffin's firm typically returns money to clients as a way to keep its size consistent with the investment opportunities it sees on the horizon.
Citadel, which will enter 2024 with $58 billion in assets under management, has outperformed many of its peers over the past year.
Israel Englander's Millennium Management has risen 9.7% in the first nine months of 2023, one of the sources said. The hedge fund declined to comment on the matter.
On Tuesday, Griffin, the world's most successful hedge fund manager by earnings, announced that he and billionaire David Geffen donated $400 million to Memorial Sloan Kettering Cancer Center. Griffin has donated more than $2 billion to charities during his lifetime, to causes ranging from education to COVID-19 vaccines.
