Citi Hires Herrmann as Global Head of Prime Finance from UBS

Citigroup has hired ex-UBS executive Adam Herrmann as its new global head of prime finance, according to a memo from the bank.

He joins from the Swiss-based bank where he was co-head of equity finance, and replaces David Murphy who left the investment bank in September last year after serving almost three years as global head of Prime Finance, Delta One and Agency Securities Lending.

“In his new role, Adam will be responsible for all aspects of our Prime Finance platform including Principal and Agency Securities Lending, Prime Brokerage and Delta One in partnership with Equities,” the memo says.

“He will work in close partnership with our global functional and regional heads across Sales, Operations and Technology to ensure we execute on our client strategy and continue to build out our Prime platform.”

In his prior role at UBS, Herrmann was responsible for both sales and trading across stock loan, equity financing, ETF market making and Delta One.

He will take up the role from June this year at Citi’s London office, and then move to the New York office by the end of the year. He will report to Okan Pekin, Citi’s global head of investor services.