和Sridhar Natarajan Citadel Securities将持有Wolfe Research的少数股权，以帮助赢得新的交易业务并为其股票部门增加研究能力。
Securities is taking a minority stake in Wolfe Research to help win new trading business and add a research capability for its equities unit.
肯·格里芬（Ken Griffin）创立的做市商将代表沃尔夫的客户执行交易，并向自己的客户传播其研究成果，收取费用。Citadel Securities创始人兼管理合伙人埃德·沃尔夫（Ed Wolfe）表示，Citadel Securities是沃尔夫的第一个外部投资者，但他拒绝透露交易条款。
The market-maker founded by Ken Griffin will execute trades on behalf of Wolfe’s clients and disseminate its research for a fee to its own customers. Citadel Securities is Wolfe’s first outside investor, according to its founder and managing partner, Ed Wolfe, who declined to disclose the terms of the deal.
此举使Citadel Securities进一步跻身华尔街银行的行列，这些银行提供研究，通常是为了在交易、投资银行和财富管理领域创造业务。通过成立合资企业，它可以避免自己打造该产品的代价高昂。
The move puts Citadel Securities further in the territory of Wall Street banks that offer research, often to generate business in trading, investment banking and wealth management. By carving out a joint venture, it’s avoiding a costly effort to build out that offering on its own.
Citadel Securities总裁吉姆·埃斯波西托在接受采访时表示：“我们错过了股票流动的一部分，因为这些流动的一部分与研究产品直接相关。”“我们的目标是执行尽可能多的全球交易流，我们执行的越多，我们就越能为客户改善定价。”埃德·沃尔夫（Ed Wolfe）在贝尔斯登（Bear Stearns）担任分析师后于2008年创立了沃尔夫研究中心（Wolfe Research）。
“We were missing a certain part of the equity flows because a certain aspect of these flows are directly tied to the research product,” Citadel Securities President Jim Esposito said in an interview. “Our goal is to execute as much of the global trading flows as possible, and the more we execute the more we improve pricing for our client.”Ed Wolfe founded Wolfe Research in 2008 after he built a career as an analyst at Bear Stearns.
他的公司现在提供定量分析以及股票和宏观研究，除了经济和政策外，还涵盖数百家公司。该公司还有一家经纪自营商，作为首次公开发行（IPO）的承销商。
His firm now provides quantitative analysis as well as equity and macro research, covering hundreds of companies in addition to economics and policy. The firm also has a broker-dealer that it uses as an underwriter for initial public offerings.
“我们对成为银行的一部分不感兴趣，”沃尔夫说。“我们感兴趣的是为客户提供最好的工具，不仅可以使用我们的研究和分析师，还可以通过无缝执行功能表达他们的观点。”Citadel Securities在模因股票时代声名鹊起，负责处理美国三分之一以上的零售股票交易。它还推动扩大与机构客户的交易业务，扩大固定收益业务，并最近处理更大的股票订单。
“We’re not interested in being part of a bank,” Wolfe said. “What we’re interested in is providing our clients with the best tools to not only use our research and analysts, but then be able to express their views through seamless execution capabilities.”Citadel Securities rose to prominence in the era of meme stocks and became responsible for handling more than a third of all US retail stock trades. It’s also made a push to expand in the business of trading with institutional clients, ramping up across fixed income and more recently handling bigger stock orders.
该贸易公司还聘请了高盛集团董事总经理斯科特·鲁布纳（Scott Rubner）。他凭借独特的股票市场呼声而赢得了声誉。Rubner去年加入Citadel Securities的机构衍生品业务，利用公司的内部数据，提供见解和评论。公司发言人表示，除了沃尔夫的研究之外，Citadel Securities的客户将继续免费获得他的报告。
The trading firm also tapped Scott Rubner, a managing director at Goldman Sachs Group Inc. who built a reputation making unique equity-market calls. Rubner joined Citadel Securities’ institutional derivatives business last year to draw on the firm’s internal data, offering insights and commentary. His reports will continue to be free for Citadel Securities clients, outside of Wolfe’s research, a company spokesperson said.
沃尔夫于2020年与野村集团建立战略合作伙伴关系，将该研究公司与这家日本银行的交易和投资银行部门合并。沃尔夫表示，该公司计划随着时间的推移将股票和期权交易的执行转移到Citadel Securities，但保留与野村证券在日本的研究关系。
Wolfe in 2020 entered into a strategic partnership with the Nomura Group that combined the research firm with the Japanese bank’s trading and investment-banking unit. It plans to transition the execution of equity and options trades to Citadel Securities over time, but keep its research relationship in Japan with Nomura, Wolfe said.