Griffin's Citadel back in 'black'

NEW YORK: Hedge fund manager Kenneth Griffin's Citadel Investment Group lost $8 billion in clients' money last year, but is turning things around as markets recover and has made $5 billion in profits so far this year, the Wall Street Journal reported.

The report said Griffin is launching four new funds and expanding in investment banking - hoping to fill the profitable hole left by the collapse of Lehman Brothers Holding Inc last year that heralded the global financial meltdown.

"Nothing is more important to me as we approach (Citadel's) 20th anniversary than striving to earn back the losses of '08 and move forward," the newspaper quoted Griffin as saying.