Citadel's bonds boss to leave

Brad Begle, who ran convertible bonds at Citadel Investment Group LLC, is leaving Kenneth Griffin's $12.5 billion hedge-fund firm at the end of the month.

Begle, who turned 38 today, is handing off responsibilities to Ryan Garino and David Grossman, who are now co-heads of the Citadel's convertible strategy, Devon Spurgeon, a spokeswoman for the Chicago-based firm, said by phone. Citadel told investors last month that Begle planned to retire.

Citadel lost as much as 55 percent from its biggest funds in 2008 amid declines in convertible bonds, securities that can be converted into shares at a preset price. Those funds returned as much as 62 percent last year as markets rebounded. Hedge funds globally lost 19 percent in 2008, followed by a 19 percent gain last year, according to the Credit Suisse Tremont Index.

Begle joined Chicago-based Citadel in 1994 and worked there for three years before leaving for Toronto-Dominion Bank. He returned to Citadel in 2001.

Garino joined Citadel in 2003 after working at Boston Consulting Group, while Grossman was hired the following year from Deutsche Bank AG.