Citadel Investment Group Inc.'s hiring of Jacob “Jake” Walthour is just the latest example of hedge fund companies seeking to hire experienced institutional marketers as these firms seek to rebuild themselves after 2008's market meltdown.
“Really exceptional institutional marketers are very rare; those who really understand the culture and relationships of the clients they seek. These people have long track records of raising really significant amounts of institutional assets, who have very deep Rolodexes and true relationships with investors,” said Edwin C. Ostrand, president of an eponymous firm based in Port Richey, Fla.
Mr. Walthour joined Chicago-based Citadel on Jan. 19 as managing director and head of U.S. distribution for subsidiary Citadel Asset Management, replacing James Barrett, who left the firm in December. But the job's responsibilities have been shifted to focus largely on institutional investors, said Katie Spring, a Citadel spokeswoman.
“Jake's skill set fits exactly the profile we were looking for,” she said. His most recent role was principal and head of advisory services for the Americas at hedge fund consultant Aksia Ltd., New York. And Mr. Walthour's experience as an institutional marketer with a specialty in hedge funds also included stints at Quellos Group LLC (now part of BlackRock), Aetos Capital Management LLC and Moore Capital Management LLC.
Mr. Walthour said in an interview that “after visiting north of 250 hedge funds over the past few years, I have a good idea of the kind of firm that is ideal for institutional investors and Citadel is one of those firms.”
Mr. Walthour will be based in Citadel's New York office. Citadel managed $12 billion as of Dec. 31.