Citadel is bringing back Matt Giannini for a third spell at the multi-strategy hedge fund, highlighting the intense competition among large managers for executives with experience recruiting investment talent, according to a report by Business Insider.

Giannini is returning to the $76bn firm from Walleye Capital, where he has spent less than a year as chief operating officer of the firm's equity long-short business. He is expected to join Citadel in 2027 and will contribute to the expansion of its equities business, according to a spokesperson for the Miami-based manager.

Giannini first joined Citadel in 2007 before moving to Balyasny Asset Management in 2012.

During his time at Balyasny, Giannini rose to become global co-head of business development, giving him a senior role in recruiting and developing relationships with investment professionals.

Citadel subsequently brought him back in late 2018, and he eventually became the firm's global head of equities business development before leaving again in 2024.

His second departure from Citadel came as competition for experienced investment professionals was intensifying across the multi-strategy hedge fund industry. Giannini subsequently joined Walleye as the firm expanded its senior leadership team.