Alternative investment manager Citadel and Citadel Securities, which offers fixed income and equity products, are set to bolster their footprint in the Asia Pacific (APAC) region by setting up a new office in Singapore.
The two businesses have 17 offices across North America, Europe as well as APAC.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new location is scheduled to open later in 2020.
No other details of the new location, including the employee headcount, were revealed.
They also intend to expand in Hong Kong, while Citadel Securities plans to deepen its presence in Shanghai and Sydney.
Commenting on the expansion, Citadel Asia-Pacific COO John Buckley said: “Asia-Pacific continues to be an important focus for both Citadel and Citadel Securities.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We are excited to further extend our presence in the region as we continue to grow and invest in our teams to serve our capital partners in Citadel and provide a superior trading experience for our clients in Citadel Securities.”
The APAC presence of Citadel, which oversees the capital of retirement programmes, endowments and foundations, and sovereign wealth funds among others, dates back to 2005.
In 2014, the firm was the first participant in China’s qualified domestic limited partner (QDLP) programme.
Citadel Securities, which serves banks, broker-dealers, government agencies, corporations, insurers, and sovereign wealth funds, started operations in the region in 2009.
At present, it has a presence in mainland China, Hong Kong, Japan, South Korea, Australia as well as Singapore.
The expansion will enable Citadel Securities to compete with rivals Optiver BV and Susquehanna International Group, among others, noted Bloomberg.
The news agency said that Citadel’s flagship multi-strategy hedge fund gained 16.5% in the first seven months of 2020 driven by trading boost amid the Covid-crisis and oil price war.
As per data collated by Bloomberg, APAC currently accounts for over 34% of world stock market value, which is only five percentage points behind North America.
