Citadel’s Head of Equity Research Ravi Mattu Leaves

July 22 (Bloomberg) -- Ravi Mattu, head of equity research at Citadel Securities, left the investment-banking unit of the brokerage firm started by Ken Griffin.

Mattu left last week, said Devon Spurgeon, a spokeswoman for the Chicago-based Citadel LLC. No replacement has been named, she said.

The departure follows the ouster in May of Patrik Edsparr, head of the securities unit, who clashed with Griffin over strategy and culture. Griffin has struggled to find the right people to run his investment bank. Edsparr, who ran Citadel Securities after former chief Rohit D’Souza quit in October, left after seven months in the role. Todd Kaplan, the former head of investment banking at Citadel, left in January, less than a year after joining the firm.

Citadel Securities reported earnings of $81.6 million on revenue of $1.01 billion last year, most of which came from Citadel’s nine-year-old options and equities market-making business, according to financial statements filed Feb. 25 with the U.S. Securities and Exchange Commission.

Before joining Citadel in 2008 as head of fixed-income research, Mattu was the global head of equity and fixed-income research at Lehman Brothers Holdings Inc. He had previously worked at Salomon Brothers and Citigroup Inc.

Citadel is planning to start publishing equity research for clients before the end of the year covering technology, media, health industries as well as real estate, gaming and lodging, Spurgeon said.

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