Citadel, the hedge fund run by Ken Griffin, has announced new non‑compete agreements that can last up to two years for its investment staff, including some analysts. The firm’s policy is one of the strictest in the multistrategy industry, designed to stop employees from moving to rival firms.
What is unusual about Citadel’s approach is that the length of the garden leave is linked to the employee’s total compensation. The higher a portfolio manager or analyst earns, the longer the non‑compete period. Analysts are required to serve a minimum of one year.
Citadel’s spokesperson declined to comment on the new policy. The firm manages about $71 billion in assets and is known for its restrictive employment contracts.
In 2020, Citadel’s average non‑compete period for portfolio managers was one year, with some managers facing 18‑month leaves to receive deferred compensation. Early last year, the firm extended some agreements to 21 months.
Ken Griffin helped push a Florida bill that allowed garden leaves of up to four years. The legislation became law in July 2025, and Citadel’s new rules follow that trend.
Talent competition among multistrategy funds is intense, as asset levels rise. Firms use non‑competes, bonus clawbacks and other tactics to keep employees from leaving.
Recruiter Jason Kennedy cautions that early‑career analysts may not fully grasp the long‑term impact of such agreements. An analyst looking to change jobs could find recruiters ignore them if they are at the higher end of the leave range.
“Locking them up for two years can effectively kill their career,” Kennedy said. “Every day they sit out they reduce their market value.”