Just six months after a major expansion in the region, Citadel Investment Group is roughly halving its headcount in Asia and closing its office in Tokyo.

The Chicago-based hedge fund giant, which has been buffeted by poor performance and investor redemptions, is just the latest Western hedge fund to scale back its Asian operations. The firm will cut a total of 37 positions in Asia: In addition to the dozen jobs to be lost at the Tokyo office, Citadel will also cut almost half of its Hong Kong-based staffed, leaving between 25 and 30 employees in that office.

Among the losses is Citadel’s Asian event-driven team. All other Tokyo-based businesses will now be run from Hong Kong.

In April, Citadel made a pair of big-name hires in the region, adding Nick Taylor from Credit Suisse Group as head of principal investments for Asia and Europe as well as Merrill Lynch’s David Noh as head of merchant banking in the region.

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