Pay at hedge fund Citadel in London: $500k to $21m

How much do large multistrategy hedge funds spend paying their people? At Citadel in London last year, the answer seems to be at least $1.8bn.

Like Millennium, Citadel has just released UK accounts for the year ending December 2024. They reveal that whatever you do at Citadel, you will probably be paid handsomely, but that there are enormous variations by function.

Citadel has multiple UK entities and therefore multiple UK accounts. The highest paying is Citadel Hedge Fund Management Europe LLP, an entity containing 24 partners. The average partner there generated $21m (£16m) of profits last year.  

The lowest paying Citadel entity in the UK is Citadel Enterprise Services Europe Ltd, which provides administrative services to its other businesses. There, the average person earned a still huge $507k for 2024. 

At Citadel's other two key UK entities -  Citadel HF Management Europe II and Citadel HF Management Europe III - pay averaged  $1.9m and $829k respectively. At Citadel Hedge Fund Management Europe II, almost everyone works in investment management. At Citadel Hedge Fund Management Europe III, nearly half the staff work in technology and support roles.  

Predictably, it is not easy to achieve these jobs. As the chart below shows, Citadel's various entities employed only 623 people last year, an increase of 25 on the year before. 

Citadel HF Europe is where the profits, which are distributed to the partners, are generated. In 2024, these were $1.2bn, up from $944m in 2023. 

Citadel is expanding in London. The Wall Street Journal noted last week that the firm has signed a lease for a new office in Broadgate, starting from 2027.

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