Hedge fund Citadel, which launched an investment banking group earlier this year, has hired a senior Citigroup Inc financial institutions investment banker, a source familiar with the matter said on Friday.

A Citigroup spokesman confirmed Craig Stine, a managing director in the bank's financial institutions investment banking team, had left the firm.

Citadel declined to comment. Stine could not be reached immediately for comment. The source is anonymous because the move is not public yet.

Citadel, a U.S. hedge fund founded by Kenneth Griffin, launched its investment banking arm earlier this year, hiring three former Merrill Lynch executives to anchor the new operation.

Todd Kaplan, who joined Citadel in March, heads investment banking for Citadel Securities. (Reporting by Paritosh Bansal; Editing Bernard Orr)

Investment Citigroup