Key Takeaways
- • Citadel hired Vesal Yazdi as a portfolio manager for its equities team from Davidson Kempner Capital Management, where he managed a technology strategy with over $1 billion in assets under oversight.
- • Yazdi brings six years of experience at the $38 billion Davidson Kempner and a deep technology investment background spanning roles at Bessemer Venture Partners, Coatue Management, and Goldman Sachs.
- • Yazdi joins Citadel's global equities business, one of four long-short market neutral equity units within the $50 billion hedge fund, reporting to Justin Lubell.
- • Citadel's equities strategy significantly outperformed peers in 2022 year-to-date, returning 16.6% through September versus the 3.8% average hedge fund return, with September gains of 2.5%.
- • The hire underscores continued talent competition among top-tier hedge funds for specialized investment expertise, particularly in technology sectors where deep domain knowledge commands premium valuations.
Summary
Citadel, the $50 billion hedge fund led by billionaire Ken Griffin, hired Vesal Yazdi as a portfolio manager within its global equities business, recruiting him from Davidson Kempner Capital Management, a $38 billion hedge fund where he spent over six years. At Davidson Kempner, Yazdi oversaw a technology investment strategy managing more than $1 billion in assets. Yazdi is now based in New York City and reports to Justin Lubell, who leads Citadel's global equities division—one of the firm's four long-short market neutral equity units.
Yazdi's professional background reflects deep expertise across venture capital and institutional investment management. Prior to his tenure at Davidson Kempner, he worked as an investor at Bessemer Venture Partners, held a software analyst position at Coatue Management, and served as an analyst at Goldman Sachs, according to his LinkedIn profile. This progression demonstrates progression from traditional banking through venture and hedge fund management, positioning him with cross-functional knowledge spanning public and private technology markets.
The timing of this hire coincides with strong performance from Citadel's equities strategies. Through September 2022, Citadel's equities strategy returned 16.6% year-to-date with a 2.5% September gain. The flagship Wellington fund generated 28.7% year-to-date returns and 2.5% in September, substantially outpacing the broader hedge fund industry, which averaged 3.8% year-to-date and just over 1% for the month. This performance differential underscores the competitive advantage specialized portfolio managers like Yazdi can provide in technology-focused strategies.
Davidson Kempner declined to comment on Yazdi's departure. The hire reflects ongoing talent acquisition dynamics in hedge fund management, where established firms aggressively recruit specialized investment professionals, particularly those with proven track records in high-conviction technology sectors.
Yazdi's professional background reflects deep expertise across venture capital and institutional investment management. Prior to his tenure at Davidson Kempner, he worked as an investor at Bessemer Venture Partners, held a software analyst position at Coatue Management, and served as an analyst at Goldman Sachs, according to his LinkedIn profile. This progression demonstrates progression from traditional banking through venture and hedge fund management, positioning him with cross-functional knowledge spanning public and private technology markets.
The timing of this hire coincides with strong performance from Citadel's equities strategies. Through September 2022, Citadel's equities strategy returned 16.6% year-to-date with a 2.5% September gain. The flagship Wellington fund generated 28.7% year-to-date returns and 2.5% in September, substantially outpacing the broader hedge fund industry, which averaged 3.8% year-to-date and just over 1% for the month. This performance differential underscores the competitive advantage specialized portfolio managers like Yazdi can provide in technology-focused strategies.
Davidson Kempner declined to comment on Yazdi's departure. The hire reflects ongoing talent acquisition dynamics in hedge fund management, where established firms aggressively recruit specialized investment professionals, particularly those with proven track records in high-conviction technology sectors.
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