Citadel poaches Morgan Stanley man who loved his job
When Ben Scarrott officially left Morgan Stanley's London office after 17 years this month, it seems to have been a bit of a wrench. Morgan Stanley had been "quite the journey" said Scarrott, writing on LinkedIn. The bank is an "incredible organisation," he added, and people he met there had a "profound impact" on him.
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A week later, Scarrott, who was an executive director and EMEA head of resource management at Morgan Stanley, is back. He's joined hedge fund Citadel, as the treasurer for EMEA.
Citadel declined to comment on Scarrott's arrival, but its global treasurer -Massimiliano Ciardi - is also new. Ciardi quietly joined the fund in New York in December 2023 after 17 years at Goldman Sachs, where he was global head of the equities funding group.
Treasurer at hedge funds are responsible for managing and optimizing the money that funds borrow to leverage investments. Citadel's most recently filed ADV form indicated that it had $397bn of regulatory assets under management in late August, implying a leverage ratio of 6.2 on its AUM.
The form said Citadel employs 260 people in London, which was the same number it employed in March.
Millennium has also drawn members of its treasury function from banks. Jignesh Patel, is Asian treasurer, joined from Goldman Sachs in August 2023. Ed Bracken, its London treasury manager, appears to have been Scarrott's former boss at Morgan Stanley, where he was global head of bank resource management until last June.
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