Citi has integrated its services in a new platform, forming an “investor services group” that promises to address financing, execution, collateral management, custody and fund services.
Okan Pekin, global head of investor services, said in an internal memo that the integrated services platform would help as the business moves to adjust to more demanding capital, leverage and counterparty risk requirements.
The group will be run along four global product lines which will take responsibility for revenues, expenses, headcount, specialist sales teams where appropriate, as well as their technology and operations platforms.
The reshuffle involves a number of re-appointments within the firm. David Murphy who previously ran prime finance in North America, will be appointed to lead prime finance globally which will also include delta one and agency securities lending.
David Martocci will continue to run agency securities lending globally and report to Murphy. Sanjay Madgavkar, global head of FX prime brokerage will report to Martocci in addition to his existing reporting line to Jeff Feig, global head of G10 FX.
Jerome Kemp will continue to manage futures and OTC clearing, which will be combined with collateral management. Rajen Shah will report to Kemp.
Sanjiv Sawhney, who previously headed securities and fund services in EMEA, will run global custody and alternative investor services. Sawhney will oversee the growth of Citi’s global custody platform and also head up its hedge fund, private equity and wealth services businesses.
Mike Sleightholme, Joe Patellaro and Boaz Lahovitsky will report to Sawhney. Sawhney will also oversee Citi’s strategy function run by Joe Pandolfi.
Pat Curtin, previously the head of long fund services will manage global fund services, which will include fund administration, transfer agency and middle office services. He will work closely with his operations and technology partners to consolidate Citi’s platforms, build in-house technology assets and automate its processes.
Alan Pace, currently the 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. Pace will partner with Dirk Jones over the coming months to create an integrated sales organisation, and Jones will transition to his new role as global head of issuer services by the end of April once the sales integration has been completed successfully.
Richard Gordon will run operations for investor services, reporting to Jon Beyman and Mike Whitaker. Gordon is a new hire from Deutsche Bank where he was the COO of the global risk organisation.
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.
Regional leaders are as follows:
Shahmir Khaliq will run investor services in North America, reporting to Suni Harford, head of markets and securities services for North America. The memo said that a new role for Bob Wallace would be announced in due course.
Nick Roe, who previously ran prime finance and futures, will be responsible for investor services in EMEA. David Russell, who previously managed securities and fund services in Asia, will run Asia including Japan. Alejandro Berney will continue to manage Latin America and Roberto Gonzalez Barrera will continue to oversee Mexico.
The memo also stated that the new fiduciary head for the investor services group would be announced soon.
