Maybe Goldman Sachs' Asian equities traders won't be so quick to join hedge funds now?
Goldman Sachs' Asian equities business is having a great year. Equities revenues at the firm globally were up 50% year-on-year in the half of 2026, with the Asian equities business the standout performer. Speaking to CNBC in early August, Kevin Kelly, the firm's global co-head of equities said the Asian franchise has been benefitting from a "multiyear investment" in both traders and technology.
This may be so, but Goldman's Asian equity business has also suffered some exits, particularly to major hedge funds. Now something has occurred that may make its investments think twice about leaving.
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Bloomberg reported earlier today that AJ Bolduc, who left Goldman Sachs to join Citadel as head of Asia trading and primary strategies in February, has left again. After gardening leave, Bolduc only joined in May and so was there only four months. It is not clear why she left so soon. Bolduc did not respond to a request to comment. Citadel declined to comment.
Goldman Sachs appears to have liked Bolduc. It hired her from Macquarie in 2018 and promoted her to managing director in January 2026. She left for Citadel two months later.
Bolduc may have moved on from Citadel of her own accord. Either way, Ed Philips, whom Citadel hired from UBS in March 2025 and who is currently based in London, will now be managing Citadel's Asia trading and primary strategies instead.
Bolduc's departure is likely to give other members of Goldman's Asian equities team pause for thought. Insiders say there have been multiple departures to funds, including those of Abby Dong, a vice president who went to Millennium in June and Minsu Kim, who went to Millennium in March.
Citadel is still hiring in Asia as it builds out its fundamental equities business. Many people at Citadel's Asian business have been there for years, but Bolduc's swift arrival and departure is a reminder that hedge fund jobs don't always last.
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