SINGAPORE: Chicago-based hedge fund Citadel and Citadel Securities, which provides trading services to asset managers, banks, broker-dealers and hedge funds, will open a new office in Singapore, Citadel said on Monday (Aug 24).
The two businesses, which have 17 offices across North America, Europe and Asia-Pacific, are also continuing to grow their presence in Hong Kong, according to an emailed statement.
AdvertisementAdvertisementCitadel Securities is expanding its existing footprint in Shanghai and Sydney, the statement added, without mentioning how many new jobs will be created as a result of these steps.
The expansions in Hong Kong and Shanghai come in the midst of escalating US-China tensions over issues like trade tariffs, sanctions, and a barrage of Washington's actions against China.
Citadel, which managed US$34 billion of assets globally as of early July, has operated in the Asia-Pacific region since 2005, while Citadel Securities has operated in the region since 2009.
The news was reported earlier by Bloomberg, which cited data showing Citadel Securities accounted for about 20 per cent of more than US$15.5 billion US shares traded in March, when the COVID-19 pandemic and a Russia-Saudi Arabia oil price war triggered a market sell off.
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