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.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note