Citadel boosts HK presence

Ken Griffin's Citadel and Citadel Securities are snapping up extra office space in Hong Kong to accommodate expanding teams - a vote of confidence in a city that's seen an exodus of professionals frustrated by its Covid restrictions and Beijing's tightening grip.

Hedge fund Citadel leased the 59th floor in premium office tower Two IFC, adding 22,000 square feet, while market maker Citadel Securities took up a similarly sized 42nd floor, according to people familiar with the matter.

That's in addition to a third floor they already occupy in the building.

The two companies grew their Asia-Pacific headcount by more than 60 percent to about 350 people in the past year and a half, the people added. Staff in Hong Kong account for about 71 percent of that.

The companies confirmed they were leasing the new office space, according to an emailed statement.

Citadel set up operation in Hong Kong in 2005, and Citadel Securities arrived four years later. Citadel manages US$53 billion (HK$416 billion) of investment capital as of July 1.

Meanwhile, UBS Group plans to set up a wholly owned mutual fund business in China in about two years, sources said.

The bank's asset management arm began hiring key personnel in recent months for the planned business, including a head of the company, one of them said.