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26
Tom Miglis
Chief Information Officer
Citadel
Last year: 22

Few hedge funds have distinguished themselves technologically — and touted their leading-edge bona fides — as successfully as Chicago-based Citadel. Tom Miglis, 58, is the architect. A Wall Street veteran who joined the now-$11 billion firm in 2001, the CIO says the high-quality software frees traders, analysts and portfolio managers "to do what they get paid to do — which is to invest." He notes that "our investment teams have no choice" but to understand technology, while his department must understand the markets to produce good software. Citadel's is so good that other firms in the market covet it. In 2011 the hedge fund firm launched an equity algorithm business to enhance liquidity in its alternative trading system. More than 150 broker-dealer customers are crossing trades with Citadel's large pool of retail liquidity, which accounts for 8 to 10 percent of U.S. equity volume. Following the July 2011 sale of Citadel's hedge fund administration business to Northern Trust Corp. (see R. Peter Sanchez, No. 49), the two firms partnered up: "If [clients] choose Citadel for their front end and Northern Trust as their back end, they get the same real-time, straight-through-processing technology as Citadel does," says Miglis.