Citadel Securities' average pay in London last year? $966k
Electronic trading firm Citadel Securities isn't a public company, and so its accounts aren't fully in the public domain. In the UK, however, like Citadel the hedge fund, Citadel Securities has various entities which have recently filed accounts for 2023 with Companies House.
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At one of these entities, Citadel Securities Europe Services Ltd, average pay per head for the 170 employees last year was $966k (£721k). 134 of the people there work in jobs defined as technology and administration. Only 36 work in the front office.
How does this compare with the previous year? We can't say before because Citadel Securities Europe Services Ltd doesn't provide comparable figures for 2022. However, another entity - Citadel Securities Europe (Limited), which seems to have transferred its staff across, paid an average of $685k in 2022 and $622k in 2021. The implication is that pay is rising.
Citadel Securities' increasing generosity in London reflects what appear to be rising revenues and profits. At yet another entity, CSFT Holdings UK, which has no registered employees at all, operating revenues rose 7% last year to $301m and profits rose 9% to $147m. By comparison, revenues and profits at Citadel's London-based hedge fund entities fell last year.
Citadel Securities has said in the past that it has to pay well in order to attract, "the best and brightest talent from all backgrounds.” It's a "meritocracy." Competitors like Jane Street are chasing the same mathematically gifted employees.
Citadel Securities employs 1,600 people globally. Bloomberg reported recently that global revenues at Citadel Securities were $4.9bn in the first six months of the year. The London office looks relatively insignificant by comparison.
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