Citadel has hit a rough patch as of late, and this has coincided with some big changes. MarketWatch reports that the big fund company run by Ken Griffin--whose star burned so brightly not so long ago--is moving away from its traditional focus: A single, large, multi-strategy fund.

Its main fund, Kensington Global Strategies, delivered strong returns for about decade until it ran into the credit crunch. It's reportedly down 25 percent for the year. It's now moving to start more style-focused funds, including a convertible arbitrage fund, a bond fund and a global macro fund. The move is designed to satisfy a new breed of customer who wants a bit more limited exposure, apparently. This also begs the question: Is the multi-strategy approach out of vogue? One appeal has always been fees, but investors are savvier now and may want to focus more on styles, even if that means more fees in aggregate.

For more:
- here's the MarketWatch article
- Citadel hires Rohit D'Souza from Merrill Lynch. Brief

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