Chief Information Officer
Citadel
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Leading a team of more than 400 at Chicago-based Citadel, Tom Miglis has been leveraging technology for both new uses and new users. Last year the chief information officer undertook an initiative to improve quality and efficiency at Citadel Securities, the sales and trading division that the hedge fund group launched in late 2008. “We took our existing trade entry, order management and order execution system from the asset management side and refitted it” for sales and trading work flows, says Miglis, who turns 57 in August. Efficiencies are more critical than ever for Citadel, whose total assets of $11 billion are well below their 2008 peak of $20 billion as a result of double-digit losses that year and subsequent investor redemptions. Taking advantage of its daily trade volume, amounting to 8 to 10 percent of U.S. equities, Citadel is bringing clients into a registered alternative trading system built out of the firm’s equity algorithm infrastructure, says Miglis, who joined Citadel in 2001 following stints at Bankers Trust Co. and Salomon Brothers. In May, Citadel agreed to sell another product of Miglis’s efforts — the four-year-old, $70 billion-in-assets Omnium hedge fund administration business — to Northern Trust Corp. And responding to requests from its investors and administration clients, Citadel has begun licensing its suite of proprietary front- and back-office software.
