Not so long ago, the hedge fund (hedge fund news) world-changer Citadel seemed to hit rock bottom. At the height of the crisis, there were rumors it might even fold. But it survived, and seems to be faring decently these days.

Founder Kenneth Griffin is on the stump, trying to sell his single-strategy funds, which offer pure plays on various strategies, according to Crain's. The firm has some wind behind it. Its flagship Kensington and Wellington funds fared well last year, rising more than 60 percent in 2009 compared with 25 percent for comparable funds. This year, the two similarly invested funds, are down about 2 percent, hardly a disaster. It will be interesting to see how Citadel fares.

The regulatory environment is still shaking out, and there are plenty who think that hedge funds will be spared. But there also are those who think the new environment may help a nonbank compete with the likes of bank-chartered companies like Morgan Stanley and Goldman Sachs. Citadel Securities posted a profit last year.

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