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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR