Chicago Tribune – The Citadel Investment Group will shutter its Tokyo offices and cut 37 jobs from its Asian operations.

The Chicago-based hedge fund will still have a presence in Hong Kong, where 25 positions will be cut, the company said Monday. The investment firm founded by billionaire Ken Griffin in 1990 will maintain 25 to 30 staffers in Hong Kong. A regional group that invested in companies undergoing mergers, asset sales or lawsuits will be cut.

Citadel’s decision comes after its two primary funds reported losses of 47 percent through November. The firm manages $16 billion in assets.

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