According to a Bloomberg report on August 13, 2026, Ken Griffin’s Citadel has implemented a maximum two‑year non‑compete clause for its investment professionals, with some analysts also covered.
Key terms:
The non‑compete period is tied to total compensation—the higher your pay, the longer the restriction. Analysts face a minimum garden leave of one year, during which they remain on payroll but cannot work for a competitor.
One recruiter put it bluntly: “A two‑year ban effectively destroys their career.”
Industry context:
The war for talent among multi‑strategy hedge funds is fierce—Millennium and Point72 are all aggressively hiring. Citadel’s move is one of the most aggressive retention tools in the industry. Longer non‑competes reduce the flow of core investment talent between firms, though they may also drive up overall compensation and retention costs.
State‑by‑state enforcement:
Non‑competes are not uniformly enforceable across the U.S.: New York courts generally uphold reasonable restrictions, while California presumptively invalidates them.
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