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Former Island CEO Joins Citadel

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CHICAGO (–Matt Andresen, former chief operating officer of Instinet and CEO of Island ECN, joined Citadel Investment Group’s market making business this week.

Mr. Andresen will be part of the executive team responsible for the management of the market making business and will work with Citadel Derivatives Group, a market maker in listed U.S. options. The group is an affiliate of Citadel Investment Group, which manages a US$10 billion hedge fund.

“Over the past two years we have built one of the leading options market making businesses in the world,” said Ken Griffin, Citadel’s founder and chief executive, in a statement. “We look forward to having Matt play an integral role in expanding our reach and deepening our relationships with the major exchanges, and the leading U.S. brokerage firms.”

Mr. Andresen most recently was the head of global trading at Sanford C. Bernstein & Co., which he joined in 2002 after leaving Instinet. Instinet agreed to acquire Island ECN in June 2002 for a stock transaction totaling US$508 million (see Previous HedgeWorld Story).