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Name and title: Adam C. Cooper, general counsel and senior managing director Age: 45 Dorm room no more: Citadel Investment Group LLC, the hedge fund founded 18 years ago by Chief Executive Officer Ken Griffin, has become the biggest fund in Chicago with $20 billion under management. The fund invests in “nearly every major asset class” from convertible bonds to Japanese equity warrants, the company has reported on its Web site. It works on behalf of institutional investors and individuals with more than $10 million to invest. As a student at Harvard University in the late 1980s, Griffin began using his own convertible bond arbitrage model to trade securities from his dormitory room. After graduating, he moved to Chicago and worked for Glenwood Capital Management for about a year before he launched Citadel. Since its start in November 1990 with $4.6 million from investors, the fund has grown to include 1,200 employees working at its headquarters in Chicago and offices in New York, San Francisco, London, Hong Kong, Tokyo and Bermuda. It claims more than $10 billion in profits since 1998. Citadel ranked as the 18th-largest hedge fund in the world last year, based on assets under management, according to Institutional Investor Inc.’s Alpha magazine. The hedge fund declined to provide information about its most recent returns. Citadel has been active during the past year in snapping up distressed assets, including buying out hedge fund Sowood Capital Management L.P. and acquiring assets from Resmae Mortgage Corp. The fund has invested in E-Trade Financial Corp. and bought the television broadcasting company Ion Media Networks Inc., formerly known as Paxson Communications Corp. In response to recent reports that Citadel might seek to raise capital by selling stock to the public for the first time, Cooper said that it’s one of many options the company will consider for the future. Legal team: Cooper’s team of 31, including 17 attorneys, works out of every Citadel location except San Francisco and Bermuda, and is divided into four departments: regulatory compliance, investment and trading, general corporate work and transactions. The roiled U.S. capital markets and the related credit crunch haven’t altered his work, Cooper said. “I don’t think the legal issues have changed,” he said. “We’re always working hard to ensure that we understand the regulatory dynamics and the legal framework of the markets.” He proudly notes that his lawyers were educated at some of the top law schools, with managers reporting directly to him hailing from Harvard Law School, Yale Law School and Duke Law School. Cooper himself graduated from Northwestern University School of Law in 1987. He typically hires only attorneys who have had 10 or more years of work experience. Some lawyers on his team were formerly at Wilmer Cutler Pickering Hale and Dorr; Chicago firms Mayer Brown and Bartlit Beck Herman Palenchar & Scott; and investment firm The Goldman Sachs Group Inc. The fund seeks employees who are “intelligent, curious, committed to the company and who like to solve problems,” Cooper said. Outside firms: Citadel uses about 10 firms on a regular basis and others for particular projects. It turns to Sidley Austin for general corporate business and to WilmerHale for regulatory and securities work. For asset purchases and other deal work, Citadel has hired New York’s Skadden, Arps, Slate, Meagher & Flom, which worked on the Sowood transaction, and Fried, Frank, Harris, Shriver & Jacobson, also of New York, which handled the E-Trade transaction. When intellectual property issues crop up, Citadel has worked with Winston & Strawn of Chicago and Jones Day. On international matters, the company often uses Simpson Thacher & Bartlett of New York, Clifford Chance and London-based Linklaters and Freshfields Bruckhaus Deringer. It relies on various other local counsel to handle any problems as they come up. “We always want to have real, on-the-ground, deep, meaningful understanding and insight of the local jurisdiction,” Cooper said. Daily duties: Cooper and his team spend a lot of time monitoring regulatory and risk-management issues, always in tandem with the company’s investment professionals, he said. Citadel lawyers became involved in asset purchases early on, not just for a last-minute legal stamp of approval, he said. “What we love to do is roll up our sleeves and attack complex problems and find solutions and then execute against those solutions quickly,” Cooper said. “What we spend all of our time doing, in the legal department, is trying to make that happen.” Other issues that arise sometimes are related to the fund’s intellectual property, such as the appearance recently of a counterfeit Citadel Web site. The fund went to U.S. District Court for the Northern District of Illinois to stop the infringing Internet activity. “We’re very vigilant in protecting our brand,” Cooper said. Route to present position: Cooper was invited to become the first general counsel at Citadel in a 1998 call from the fund’s former chief operating officer and attorney, Charles Winkler. Cooper was then at Katten Muchin & Zavis, now Katten Muchin Rosenman, and had done work for Citadel in the mid-1990s. He had been at Katten for 12 years and was excited about his future there as a partner with the financial services and capital markets group, he said. Still, Cooper embarked on a four-month process of getting to know Citadel and its people better. Ultimately, he made the leap and started at Citadel in January 1999. Personal: Cooper lives in Chicago with his wife and two teenage daughters. He grew up in suburban Lincolnwood, Ill., and stayed in the Midwest for school, earning a bachelor’s degree in political science from the University of Michigan before going to law school. The shelves in Cooper’s office are lined with Pez candy dispensers and toys from McDonald’s Happy Meals, a collection that grew as friends gave him more of the trinkets, he said. His office, in a downtown Chicago building across the street from the federal courthouse, affords him a view of Lake Michigan. Last book and movie: Cooper is in the process of reading American Creation: Triumphs and Tragedies at the Founding of the Republic, by Joseph J. Ellis. His most recent movie was Juno, about a pregnant teenager, which he thought was “terrific.”

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