Citadel Trading Exec Leaving; Facebook Loss Seen Up To $35M

By Jacob Bunge

Of DOW JONES NEWSWIRES

CHICAGO (Dow Jones)–A senior executive in the stock- and options-trading division of hedge fund firm Citadel LLC plans to retire in the coming weeks.

Andrew Kolinsky currently serves as president of Citadel Execution Services, the broker-dealer unit responsible for funneling orders from retail brokerage firms to exchanges and private trading platforms. Citadel accounts for about 7% of daily volume in U.S. listed stock options and 4% of domestic equities, according to the firm’s own estimates.

Reuters/Chip East

Jamil Nazarali, a senior managing director for Citadel and former senior trading official with Knight Capital Group Inc. (KCG), is expected to take over leadership of the unit in June as part of a prearranged transition, according to people familiar with the matter.

Kolinsky’s unit, like other so-called wholesale market makers, was hit by the glitches that struck Facebook Inc.’s (FB) initial public offering on the Nasdaq Stock Market last Friday.

A person familiar with the matter said the Facebook loss didn’t play into Kolinsky’s departure, which had been planned earlier. Kolinsky didn’t return an email seeking comment. A spokeswoman for Citadel confirmed his planned departure but declined to comment further. Kolinsky is expected to stay on until mid-June, according to a person familiar with the matter.

To read the full article please click here.

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