Citadel: Castle in the clouds

Citadel Investment Group seems to be waking up – but only to last year’s reality. The hedge fund outfit is charging 2% of assets and 20% of annual gains on a new global macro fund. That’s much less than it used to reap from its flagship multi-strategy funds. But investors are scarce. They should have the clout to make even 2-and-20 a thing of the past. Citadel’s big Kensington and Wellington funds had a bad 2008, declining 55%. They’ve recouped a little of that this year, but the losses led bos...