Citadel Trims Special Situations Team In Hong Kong

Mar 4 2010 | 6:48am ET

Citadel Investment Group has slashed its Asian merchant banking team, following a sharp reduction in the amount of money it managed.

The Chicago-based alternative investments giant laid off four members of the 10-person Hong Kong special situations team, Bloomberg News reports. Among those cut loose is at least one of the six people who joined Citadel from Merrill Lynch with David Noh, head of the merchant banking group, in 2008.

Noh’s team currently manages just one-third the assets it did when Noh took the helm of the group. Last year, Citadel directed the team to sell off some assets without making any new investments. The moves were part of Citadel’s effort to cut its portfolio of illiquid assets.

Most of the investments managed by Noh were made by his predecessors.

Six members of Noh’s team remain. All told, Citadel continues to employ about 40 people in Hong Kong, down from 70 in the middle of 2008.

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