Elliott Management has hired a new executive from Citi, and it says a lot about where the $35 billion hedge fund is headed
- Paul Singer's Elliott Management has hired Jean-Yves Magnan as deputy chief financial officer, according to people familiar with the matter.
- Magnan, who was previously chief financial officer of Citi's cards division, started at the $35 billion hedge fund at the end of May.
- Magnan's hiring shows how Elliott is trying to deepen its bench of C-suite executives as the fund gets larger and more complex.
Paul Singer's Elliott Management has hired Jean-Yves Magnan as deputy chief financial officer, according to people familiar with the matter.
Magnan, who was previously chief financial officer of Citi's cards division, started at the $35 billion hedge fund at the end of May.
Magnan's hiring shows how Elliott is trying to deepen its bench of C-suite executives as the fund gets larger and more complex.
While Elliott has traditionally been known as an activist investor that has shaken up companies like data storage company EMC and energy producer Hess, it has lately expanded into new areas such as private equity. Assets under management have grown 60% in the last five years and the number of employees has increased from around 300 to 450 during that time.
A spokesman for Elliott declined to comment. A Citi spokeswoman confirmed Magnan had left the bank but did not provide further details.
Magnan spent the majority of his career at Citi, which included a role as CFO of the bank's Hong Kong operations and head of financial planning and analysis for its consumer bank, according to his LinkedIn profile.
Elliott has made a number of other hires from big banks in the last few years.
Manda D'Agata joined Elliott in 2016 as treasurer from Goldman Sachs, and was recently promoted to co-head of operations.
The fund's chief operating officer, Zion Shohet, also joined Elliott in 2015 from Citi.