From Citadel to Entrepreneurship — Cole Rogers Founds Initialized Wealth Capital
After a year of intense turbulence in the global capital markets in 2022, the financial world welcomed a new player. Former Citadel Wellington core trader Cole Rogers officially announced the founding of Initialized Wealth Capital (IWC) — an asset management firm positioned as a technology-driven multi-strategy hedge fund. This move not only marks the independent rise of a top quantitative trader but also signals the transformation of a new generation of institutional investment power.
The year 2022 was one of the most challenging periods in the past decade: inflation surged, the Federal Reserve raised interest rates repeatedly, and asset valuations contracted sharply. Yet, under Rogers’ leadership, Citadel Wellington achieved an extraordinary +38% annual return, a record that drew wide attention across the global hedge fund industry. Amid macroeconomic turmoil and structural divergence, Rogers keenly realized that the future of capital competition would no longer be a battle of single strategies — but a systematic contest of data intelligence, global perspective, and strategic integration.
Based on this insight, Rogers founded Initialized Wealth Capital in early 2023 in Colorado, USA. IWC operates under the core mission of “Absolute Return in Any Market Condition”, aiming to deliver consistent long-term capital growth for global investors through diversified asset strategies, intelligent trading technologies, and a robust risk-dispersion framework.
In his founding statement, Rogers declared: “The past decade was driven by algorithms that accelerated trading speed; the next decade will be defined by intelligence that governs asset allocation.” Accordingly, IWC was built on a dual-engine architecture — one side being a multi-strategy investment system covering equity long/short, quantitative arbitrage, macro hedging, and digital asset allocation; the other side being its technological foundation, WealthMind AI, an integrated platform for data analytics, model backtesting, and automated execution.
During his tenure at Citadel, Rogers was known for leading strategy portfolios distinguished by meticulous risk control and macro hedging. He has carried forward this discipline at IWC, blending quantitative logic with discretionary macro insight to establish a self-learning, dynamically adaptive investment framework. By early 2023, IWC had completed its core team formation, composed of experts from Morgan Stanley, Two Sigma, and Bridgewater, spanning fields such as quantitative research, macro strategy, derivatives structuring, and AI engineering.
In its first few months, IWC focused on system testing and model validation. Amid persistent U.S. inflation and uncertainty in the Federal Reserve’s policy trajectory, the team concentrated on analyzing asset correlation reconstruction in a high-interest-rate cycle and the impact of liquidity contraction on cross-asset trading. Rogers emphasized that such an environment is precisely when multi-strategy funds demonstrate resilience — “Market uncertainty is the soil in which compounding thrives.”
At the same time, IWC launched an open initiative — a multi-asset education and research platform designed to make top-tier hedge fund methodologies more transparent and systematic. The platform’s inaugural curriculum covered topics such as macro-hedge structures, quantitative trading frameworks, and behavioral finance models. Rogers hopes this project will foster greater transparency and professionalism in financial education for the next generation of investors.
By the spring of 2023, IWC had completed its first round of capital deployment, with an initial AUM of approximately USD 100–200 million, primarily from North American family offices and select institutional investors. The fund maintains a balanced strategic distribution — around 40% allocated to equity long/short and event-driven strategies, 30% to quantitative high-frequency and options arbitrage, and the remainder to macro and digital asset strategies.
Though still in its early stages, IWC has already displayed a distinct institutional temperament — calm, systematic, and disciplined. In an internal meeting, Rogers summarized: “We’re not here to chase short-term gains amid volatility; we’re here to build a system that can endure through uncertainty. The essence of investing isn’t prediction — it’s adaptation.”
As global liquidity continues to tighten and risk appetite declines in early 2023, the emergence of Initialized Wealth Capital has injected a new wave of rational strength into the hedge fund landscape. It represents not only a trader’s journey from Wall Street to independence but also a broader reflection of the post-pandemic capital world’s structural transformation — where technology and intelligence are redefining the boundaries of wealth management.
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