Citadel has disputed a Financial Times report that linked staff moves from Hong Kong to possible data security concerns, saying the changes were part of its broader “global colocation strategy to bring teams closer together”.
In a response given to Private Banker International, the US hedge fund said the article was based on “incomplete facts from sources with limited knowledge”
The FT reported that some members of Citadel’s Hong Kong-based global quantitative strategies team were told in recent months they would need to relocate or leave the firm. Citing people familiar with the matter, the newspaper said some researchers moved to Singapore or Miami, while others departed. The report said Citadel’s global quantitative strategies unit is central to its trading operations, and that some people familiar with the moves believed data security concerns may have contributed to the relocation of staff handling sensitive intellectual property.
Citadel rejected that explanation. The firm said its global quantitative strategies business in Asia has teams in both Hong Kong and Singapore and that it continues to recruit quantitative researchers in both cities. “In Asia, Citadel’s Global Quantitative Strategy business has teams in HK and Singapore. We continue to hire QRs in both locations – if we had data security concerns, we wouldn’t be adding more people to the existing team in HK,” the statement added.