Citadel Securities is taking a minority stake in Wolfe Research, its first outside investment in the independent research firm, to capture additional trading flows and add equity research capabilities. Under the arrangement, Citadel Securities will execute trades for Wolfe clients and distribute Wolfe’s research to its own customers, while Wolfe plans to move equity and options execution to Citadel Securities over time. Wolfe will retain its research relationship with Nomura Group in Japan. The deal terms were not disclosed. The partnership extends Citadel Securities’ institutional expansion into a business traditionally dominated by banks that bundle research with trading and other financial services. Wolfe, founded in 2008 by Ed Wolfe, provides fundamental equity, quantitative, macroeconomic, policy and other research, and ranked No. 6 in the 2025 Extel All-America Research Poll.