Citadel Vet Cracks Whip

Ex-Citadel portfolio manager Michael Derick has launched a long/short value-focused hedge fund.

The Chicago-based outfit, called Steeplechase Capital Advisors, is said to be hoping to raise some $500 million to $1 billion in equity from institutional and high-net worth investors. Derick, who declined to talk specifics about the fund, including its size and its target investors, says the fund will have a strong value-oriented flavor.

"It's a pretty simple strategy, but it's all about the execution," Derick says. ...