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Citi makes major structural changes
05 February 2014
Creates new group, combining prime finance, futures and OTC clearing, global custody, global fund services and agency securities lending. Stephanie Baxter reports
Citi has combined its prime finance, futures and OTC clearing,
global custody, global fund services and agency securities
lending businesses into one entity, Global Investor/ISF has
The new combined division will be called Global Investor
Services, led by Okan Pekin.
In an internal memo seen by Global Investor/ISF, Pekin
said that the new group will create a "powerful value
proposition" across financing, execution, collateral
management, custody and fund services.
The group will operate across the three dimensions of product,
region and function, all working closely together. The division
is part of the capital markets and securities services group
which is in turn part of the institutional clients group.
The move follows an announcement from Citi in 2012 that it
would seek to create global consistency across the prime
finance and futures/OTC clearing businesses.
There will be some changes to senior management as a result of
the new group.
David Murphy, who relocated to the US last year to head up
prime finance in the Americas, will now run prime finance
globally, which will include prime finance, delta one and
agency securities lending. David Martocci, will continue to run
agency securities lending globally, reporting to Murphy.
JV with equities in delta one will continue to be managed
jointly by Murphy and Michael Pringle. Sanjay Madgavkar, global
head of FX prime brokerage will report to Murphy in addition to
his existing reporting line to Jeff Feig, global head of G10
Rajen Shah will now report to Jerome Kemp who is global head of
futures and OTC clearing. A spokesperson for Citi said that
Shah will continue in his role as global head of collateral
management and Emea head of securities finance.
Sanjiv Sawhney, previously Emea head of securities and fund
services (SFS), will run global custody and alternative
investor services. The memo said that Sanjiv will oversee the
growth of Citi's global custody platform and also head up its
hedge fund, private equity and wealth services
Pat Curtin, previously head of long fund services, will run
global fund services which will include fund administration,
transfer agency and middle-office services.
Alan Pace, currently head of prime finance and futures sales,
will run global sales for Investor Services, which will combine
all sales and client facing functions across the business
including generalist and specialist sales, relationship
management, capital introduction and advisory, client
executives, client solutions and implementations teams.
Pace will join forces with Dirk Jones over the coming months to
create an integrated sales organisation. Dirk Jones will
transition to his new role as global head of issuer services by
the end of April once the integration is complete. Pace will
also report to Jim O'Donnell, global head of sales and
Richard Gordon will run operations for Investor Services,
reporting to Jon Beyman and Mike Whitaker. Mary Fenoglio will
manage custody operations across global custody and direct
custody and clearing (DCC) also reporting to Jon Beyman and
Mike Whitaker as well Lee Waite, global head of DCC.