Alternative investment firm Citadel Investment Group has confirmed that it is to close its Tokyo office, along with shutting down its Asian principal investments operations.

Citadel’s Tokyo office will be closed by the end of the year, resulting in the loss of twelve jobs.  A further 25 roles are expected to be cut from Hong Kong, leaving a remaining 25-30 employees.

The soon to be wound-down principal investments team at Citadel had invested in companies engaged in mergers and acquisitions, asset sales or legal challenges. 

A spokesperson for Citadel said: “We continue to evolve the business to focus on the greatest potential opportunities and to scale back where the opportunity set is no longer as attractive.”

The firm’s Hong Kong office will be the base for the Citadel’s remaining Asian operations, which include options, equities and foreign-exchange trading, Chinese investments and merchant banking.

The job losses in Tokyo and Hong Kong will reduce Citadel’s headcount in Asia by half.  

The firm, which said it had 1,400 employees in October, has remaining offices in Chicago, New York, San Francisco, London and Bermuda.