Bloomberg – Citadel Investment Group LLC, the hedge fund manager founded by Kenneth Griffin, will close down its Tokyo office and Asian principal investments operations, cutting more than half of jobs in the region.
Citadel will run its remaining Asian operations from Hong Kong in the future after shutting the regional principal team that invests in companies undergoing or about to go through mergers and acquisitions, spinoffs, asset sales or legal challenges. Katie Spring, a spokeswoman in Citadel’s Chicago head office, confirmed the decision today.
Hedge funds globally are cutting jobs, limiting withdrawals and liquidating funds as a credit crunch and a 46 percent drop in the MSCI World Index in 2008 put them on course for the worst year on record. Hedge funds have lost 18 percent this year, according to Chicago-based Hedge Fund Research Inc.