In 2018 Ken Griffin’s Citadel hired a group of scientists and analysts whose weather forecasts were more accurate than those of most meteorological offices.
The recruitment of the 20-strong team was unusual for a big hedge fund in a sector largely focused on stocks, bonds and currencies. But it has been a key part of a push by Griffin’s $54bn-in-assets firm to build out a wide-ranging commodities business encompassing both futures and physical trading.
The bold bet on raw materials has paid off, helping Citadel make a record $16bn in 2022 to displace Bridgewater as the most successful hedge fund of all time, according to research by LCH Investments.
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