(Bloomberg) — Ken Griffin’s hedge fund firm Citadel is organizing to set up a group in Tokyo, returning to Japan a lot more than a decade immediately after it shuttered operations there for the duration of the international economic crisis, according to a individual familiar with the matter.

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The business is applying for an investment management license to operate a hedge fund in the nation and searching for to tap regional talent, the individual stated, asking not to be named mainly because the matter is private. Citadel has but to make a decision when the workplace will open, the individual added.

Griffin is expanding his footprint in Asia. His other firm Citadel Securities LLC, which focuses on market place-generating enterprise, has a lot more than doubled its headcount in the area in the previous 3 years.

The most recent move is a plus for Tokyo’s ambitions to enhance its status as a economic hub. Citadel Securities opened an workplace in the Japanese capital final year to sell US fixed-earnings offerings.

The Economic Occasions reported about the hedge fund’s plans earlier. The business declined to comment in an emailed statement.

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