Citadel Securities plots Asia push with hiring, office expansion
Competition has been intensifying as peer Jane Street is growing its footprint in Hong Kong
Published Mon, Nov 9, 2026 · 03:39 PM
[NEW YORK] Citadel Securities is plotting further growth of its trading business in Asia, adding more people and office space in what has become its second-largest revenue driver outside of the US.
The market maker is looking to partner with local and global banks to do more trading in Asia Pacific, according to CEO Peng Zhao. It’s increasing its office space in Hong Kong by 40 per cent, adding half a floor at Two International Finance Centre.
“As we continue to grow our client business outside the US, there’s going to be increasing demand to trade non-US products and readiness on our side,” Zhao said in an interview from the firm’s Hong Kong office.
In recent years, Citadel Securities has been ramping up its presence in Asia as a non-bank market maker. It launched a structured-product business based in Hong Kong, buttressing its key business of matching buyers and sellers across the world in the US equity and fixed-income markets. Now, the firm is looking to go a step further.
Citadel Securities added nearly 100 people in Asia this year to bring its total headcount in the region to about 400.
Almost half of this year’s hires are based in Hong Kong, with others working out of offices in Singapore, Sydney and Tokyo, Zhao said. Competition has been intensifying as peer Jane Street is growing its footprint in Hong Kong alongside other quant-driven funds.
“The talent base here in Asia is transforming from one that is largely technical to one that’s a healthy mix of technical talent as well as sales and trading,” Zhao said.
Citadel Securities, which employs more than 1,800 people, has been making high-profile hires from banks and hedge funds to bolster its business that serves institutional investors in Asia.
It tapped former Millennium India CEO Prakash Subramanian KV as country head of India and Singapore, and Richard Smerin as global head of structured products from Morgan Stanley.
SEE ALSO
The firm officially launched its so-called high-touch equity trading this year to handle large orders of US stocks for institutional investors.
Zhao said Citadel Securities saw the number of active clients double from the first half to the second half of the year. Those orders usually come directly from clients, and frequently require human intervention to keep costs down and minimize market impact.
In Asia markets, including Hong Kong, Japan, Korea and Taiwan, if the firm was to launch a similar, block-size trading offering for institutional investors it wouldn’t follow the same business model, according to Zhao. “I would expect more partnerships with local and global banks here in Asia,” he said.
“The combination of size of the market, market structure and client demand is going to dictate how we prioritise” plans moving forward, he said. BLOOMBERG
