Joseph Lee Russell, Jr. of Bell Point Capital Management, LP
In February of 2010, it was reported that Joe Russell had found 18 investors for his new hedge fund, Bell Point, who invested a total of $83.7 million. One source stated that the company “is kind of a flop,” while another source said, “it looks embarrassing that the former Citadel employee only attracted 18 investors for his new hedge fund.”
In September of 2008, Joe Russell had left his position at Citadel Investment Group. It was reported that he resigned over disagreements on how to manage the fundamental credit group. One report from a book titled The Quants, stated that the head of Citadel, Kenneth Griffin, began forcing employees out of the company as Citadel’s fortunes grew more precarious. The book goes on to report that Joe Russell had been “agitating for more power Griffin wouldn’t give it to him, and his ruthless side emerged. The word around Citadel was that Griffin and Russell engaged in a furious shouting match that left little doubt they’d never work together again. “Throw him under the bus,” Griffin was heard to say, forcing Russell out in early September.” Russell had been running one of three credit groups at Citadel. Some sources stated that Russell’s group was the only profitable one of the three, yet other sources stated that the fund was the company’s most unprofitable fund.
In November of 2007, Joe Russell led a $2.55 billion investment in E*Trade Financial Corporation for Citadel Investments. Several people on Wall Street were critical of the deal, especially after E*Trade stock dropped 37% in under a year.
In 2005, Joe Russell joined Citadel Investments. He had been previously the head of high-yield loans and leveraged debt at Credit Suisse First Boston.
In April of 2006, Joe Russell quit his position at Bennett Goodman’s budding hedge fund operation because of a dispute over Russell’s role at the fund. It was reported that the conflict arose when the company, named GSO Capital Partners, announced that Joe Russell would not be named a partner. One source stated that the partners did not feel Russell’s skills as a sell-side trader translated well to the buy-side. There was also speculation that despite the snub, Russell would stay with the company. Joe Russell originally left Credit Suisse First Boston in June of 2004 to join Bennett Goodman at GSO.
In August of 1999, Donaldson, Lufkin & Jenrette, hired Joe Russell. He had previously been employed at the high-yield sales desk of BT Alex Brown. Russell left BT Alex Brown after not being offered a role in the newly merged BT Deutsche Banc Securities.
Official website of Bell Point Capital Management: http://bellpoint.com/