Citi has formed an investor services group following the realignment of its securities and fund services business in the new Markets and Securities Services.
Investor Services, which will be headed up by Okan Pekin, covers financing, execution, collateral management, custody and fund services. It will operate across three dimensions of Product, Region and Function working in close partnership with each other.
Global Investor Services will be run along four global product lines which will have the primary responsibility for revenues, expenses, headcount, specialist sales teams where appropriate, as well as their technology and operations platforms.
David Murphy will be appointed to lead Prime Finance globally. This includes Prime Finance, Delta One and Agency Securities Lending. Murphy previously ran Prime Finance in North America.
David Martocci will continue to run Agency Securities Lending globally and report to Murphy. Citi’s joint venture with Equities in Delta One will continue and 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 FX.
Futures and OTC Clearing will be combined with Collateral Management, which will be managed by Jerome Kemp. Rajen Shah, previously head of collateral management, will report to Kemp.
Sanjiv Sawhney who previously headed Securities and Fund Services (SFS) 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 Citi’s Hedge Fund, Private Equity and Wealth Services businesses. Mike Sleightholme, Joe Patellaro and Boaz Lahovitsky will report to Sanjiv. Sawhney will also oversee Citi’s strategy function run by Joe Pandolfi.
Pat Curtin will manage Global Fund Services, which will include fund administration, transfer Agency and middle office services. Curtin was previously the Head of Long Fund Services and will work closely with his Operations and Technology partners to consolidate Citi’s platforms, build in-house technology assets and automate Citi’s processes.
The global sales effort for Investor Services will be run by Alan Pace. Pace is currently head of Prime Finance and Futures Sales.
He will partner with Dirk Jones over the coming months to create an integrated sales organization. Jones, currently head of securities and fund services clients sales management, will transition to his new role as the global head of Issuer Services by the end of April once this sales integration has been completed. Pace will also report to Jim O’Donnell, Global Head of Sales and Relationship Management.
Richard Gordon will run Operations for Investor Services also reporting to Jon Beyman and Mike Whitaker, co-heads of O&T for Institutional Clients Group (ICG). Gordon joined recently from Deutsche Bank where he was the COO of the Global Risk organization. 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.
Leon Abudaram who previously ran Technology for Asset Manager Services in SFS will head up Technology and will also report to Stuart Riley, Head of Technology for Markets and Securities Services. Ellen Bishop will continue to run Global Custody and DCC Technology also reporting to Lee Waite and Stuart Riley.
Marcia Saunders will continue to manage Liquidity & Investments including the FX JV while we continue to explore ways of optimizing funding and liquidity management across Investor Services. Saunders will also report to Lee Waite.
Rachelle Keller will be the Chief Administrative Officer for Investor Services. Keller joins the Investor Services team from her role in Citi Finance as Head of Activity Based Costing for Citigroup.
Pablo Burbridge will lead Finance for Investor Services reporting to David Covin, Lead Finance Officer for Global Markets. In addition to his current role as Finance lead supporting the Fixed Income and Markets Business in Latam, Burbridge has held roles in Corporate Financial Planning and Analysis and in Citi Investor Relations.
On a regional basis, Shahmir Khaliq will run Investor Services in North America. Until recently, Shahmir was the Head of Institutional Clients Group. Previously, Shahmir was the CCO for Czech Republic, Romania, Bulgaria and Slovakia. Shahmir will also report to Suni Harford, head of Markets and Securities Services for North America.
Citi will announce a new role for Bob Wallace (currently North America head of Securities and Fund Services, Citi) 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 SFS in Asia will run Asia including Japan. Alejandro Berney will continue to manage Latin America and Roberto Gonzalez Barrera will continue to oversee Mexico. Roe, Russell, Berney and Gonzalez Barrera’s roles will include oversight of DCC franchises in their respective regions, for which they will report to Lee Waite. The four managers will also report to the Markets and Securities Services Heads in their respective regions, Andres Recoder in EMEA, Nadir Mahmud in Asia and Jaime Roblesgil in Latin America.
Citi Creates Leadership Roles For Newly-Formed Investor Services Group
The Investor Services group, which will be headed up by Okan Pekin, will extend across financing, execution, collateral management, custody and fund services.
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