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Citi hires from Northern Trust for global securities services role

Brian Ovaert joins Citi after serving over 25 years at Northern Trust most recently as head of enterprise operations.

By Joe Parsons editors@globalcustodian.com November 29, 2017 3:20 PM GMT

Citi has hired one of Northern Trust’s most senior bankers as its new global head of securities services and issuer services operations.

Brian Ovaert joins Citi after serving over 25 years at the Chicago-based custodian, most recently as head of enterprise operations across asset servicing, asset management and banking.

In the new role, Ovaert will be response for all day-to-day activities, re-engineering initiatives and overall strategic direction of the securities services business

Based in New York, he will report to Stuart Riley, global head of markets and securities services operations and technology, and Okan Pekin, global head of prime, futures and securities services.

“This is a significant leadership role for the Securities Services business and it’s a pleasure to have someone of Brian’s caliber join our team. He has a strong track record and a wealth of experience that will have an immediate impact on our growing franchise,” said Riley.

Ovaert replaces Richard Gordon, Citi’s former global head of securities services operations, who left in September to join JP Morgan as global head of custody and fund services operations.

Earlier this year, Citi reorganised its investor services group to incorporate its direct custody and clearing business under a new global securities services umbrella.

In the third quarter of the year, Citi’s revenues from securities services increased 12% over the to almost $600 million.

“The Securities Services platform is of critical importance to the Bank as we continue to expand our global capabilities. Brian will complement our existing strengths and help build upon the momentum we have achieved,” added Pekin.