Citadel, one of the world’s largest hedge funds, is looking to expand its presence in Asia after submitting an application for its Asia business to become a qualified foreign investor (QFI). The application was accepted for review by the China Securities Regulatory Commission on February 3, according to its website, as reported by Yicai Global. The QFI scheme, which allows global investors direct market entry to China’s domestic securities market, was expanded recently as part of China’s accelerated efforts to liberalise its capital markets. As of November 2021, the scheme now includes private equity funds and derivatives as well as equities. Citadel, which was founded in 1990, reported US$16 billion in profit in 2022, making it the most profitable hedge fund in the world, according to data from LCH Investments. It has also been investing in its Asia business. In 2020 it opened a Singapore office, and then in August 2022, it opened a Tokyo office, adding to its existing Asia hub in Hong Kong. © 2023 funds global asia