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2023-01-23 21:30:06

Citadel is now the most successful hedge fund ever after it made $16 billion last year — the biggest annual windfall on record.

The Miami-based fund, founded and run by Ken Griffin, topped the 2022 ranking of the world's best-performing hedge funds based on estimates from LCH Investments NV. Its huge gains came as many other investors suffered from steep drops in equity and bond markets.

Citadel's record-breaking performance last year took total gains for the fund since its inception to nearly $66 billion. That knocked Ray Dalio's Bridgewater — with gains of $58.4 billion — off the top spot for the first time in seven years.

Dalio's fund made $6.2 billion last year, bringing total assets under management to $81 billion. Citadel manages $62 billion in assets.

"[Citadel's $16 billion profit] even surpasses [John] Paulson's 2007 gain, which has been described as 'the greatest trade ever,'" Rick Sopher, chairman of LCH Investments, said in a press release on Monday.

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