Billionaire Griffin’s Citadel opens Singapore office

HONG KONG • Billionaire Ken Griffin’s finance companies plan to open a Singapore office this year in a fresh push to expand in Asia.

The new office will be shared by his Citadel hedge fund business and the market-making Citadel Securities LLC unit, the Chicago-based firm said in an e-mailed statement yesterday. Both will con- tinue to grow their Hong Kong operations, and Citadel Securities is expanding in Shanghai and Sydney as it broadens trading activities, the company added.

“Asia Pacific continues to be an important focus for both Citadel and Citadel Securities,” John Buckley, who rejoined Citadel in 2018 as regional COO, said in the statement. “We are excited to further extend our presence in the region.”

Citadel is accelerating its expansion after the securities unit used its technology edge to cement its position as one of the largest traders of stocks, bonds and derivatives.

Trading has boomed globally as the Covid-19 pandemic and an oil shock disrupted markets and prompted investors to evaluate their holdings. Its flagship multi- strategy hedge fund gained 16.5% in the first seven months of the year.

In June, Citadel’s Surveyor Capital fundamental equity hedge fund unit made its first hires in the region, recruiting a team led by Hong Kong- based Nick Taylor, who had a five- month stint with Citadel in 2008. The securities unit in October 2019 hired Kelly Wang from Citigroup Inc to lead regional fixed-income sales and relationship management.

The expansion will give it better access to the Singapore talent pool and help Citadel Securities compete with rival market makers in the region, including Optiver BV and Susquehanna International Group LLP. Singapore marks the 17th loca- tion in which the two businesses operate. — Bloomberg