Multi-strategy hedge funds Citadel and Balyasny are both recruiting for their Hong Kong operations and, as has become fairly commonplace over the past year, it's Goldman Sachs and JPMorgan they are looking to in their search for top talent, according to a report by eFinancial Careers.

In April, Citadel appointed Alan Au, a former executive director and head of Asia Pacific equities and Hong Kong entities market risk coverage at JPMorgan, as head of its Asia Pacific portfolio construction and risk group. Au spent over 13 years ay JPMorgan before making the switch to the $62 billion hedge fund firm.

And this month, Balyasny appointed Kechao Xiao, a Harvard PhD graduate and executive director and macro strategy specialist in Goldman Sachs' tech division, as a lead engineer in the hedge fund's Asia macro tech team. Xiao spent his early finance career in New York on the US interest rate desk at Goldman, before moving to Hong Kong in April 2019.