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Karen Bennett
Recruiter & HR Analyst, JPMorgan Chase,
New York, NY

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By AZAM AHMED

Another team is departing the securities unit at Kenneth C. Griffin’s hedge fund giant, Citadel.

A trading and sales group from the mortgage-backed securities unit will join CRT Capital, a Connecticut-based broker dealer, in the latest departure following Citadel’s decision last month to give up its investment banking practice.

Citadel started its banking unit in late 2008, hoping to capitalize on the weakness of investment banks that resulted from the financial crisis. The firm poached senior bankers from Wall Street.

But early on, the business was plagued by high-level departures. In 2009, the investment banks came roaring back, which also stymied business opportunities for the Citadel unit. The hedge fund struggled to land major deals – and to retain talent. Finally, this year, Mr. Griffin put the banking unit as well as his equity research division up for sale.

The efforts at Citadel Securities have not all been a bust, however. It remains a major player in the options markets.

The departing team was lead by Patrick Russell and Igor Vidrevich, who had joined Citadel from Morgan Stanley. Anthony Roberto will also join CRT as a managing director. Last month, Wells Fargo picked up 25 bankers from Citadel.

“We are pleased to welcome such an experienced and talented team of sales and trading professionals to our existing Securitized Products group,” Jeffry Mullins, CRT’s co-head of securitized products, said in a statement. “Their strong client relationships and superior execution experience will be valuable as we continue to grow our business.”