Citadel Reduces Hong Kong Presence

Jul 3 2013 | 2:35am ET

Citadel Investment Group is again cutting back in Asia, eliminating half-a-dozen jobs in Hong Kong and moving oversight of the region back west.

The Chicago-based hedge fund giant will return to its previous practice of overseeing its Asian trading from the U.S. and Europe. The firm will retain its Hong Kong office, but has again cut back on its size, a year-and-a-half after boosting its presence in the city.

Citadel told Bloomberg News that overseeing its Asian stock investments from outside the region was found to be more efficient by a review.

Six members of Citadel’s Hong Kong team have left the firm, including fund managers Raymond Shu and Agu Tandiono. The former rejoined Citadel in 2012, having previously worked at the firm, and the latter moved to the firm from TPG-Axon Capital Management in 2011.

The cutbacks are the third for Citadel in Asia in the last five years. The firm closed its Tokyo office and reduced its operations in the region in 2008, and in 2010 laid off four members of its Asian merchant-banking unit.

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