Norman Feckl, managing director of portfolio finance at Citadel Investment Group, the $4.5bn (€4.8bn) Connecticut-based convertible bond and merger arbitrage hedge fund, has resigned.

Feckl, who was at Citadel for two-and-a-half years and was one of the founders of London Global Securities, the UK's first independent stock lending intermediary, is now free to explore liquidity management opportunities at other hedge funds.