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BOOM: CITADEL BOOKS RECORD $16B PROFIT FOR CLIENTS…

(Bloomberg) — Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and one of history’s most successful financial plays.Most Read from BloombergThe top 20 hedge fund firms collectively generated $22.4 billion in profit after fees, according to estimates by LCH Investments, a fund of hedge funds. Citadel’s gain was the largest annual return for a hedge fund manager, surpassing the $15 billion that John Paulson generated in 2007 on his bet against subprime mortgages. This was described as the “greatest trade ever” in a subsequent book of the same name by Gregory Zuckerman.But it’s a different story outside the industry giants, with hedge funds overall losing $208 billion last year as many managers found themselves on the wrong side of global market turmoil …

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