Citi hires JP Morgan’s European head of custody to lead sales

Bank poaches Matthew Bax from rival to further bolster fund services and custody business.
By Joe Parsons

Citi has hired Matthew Bax, formerly JP Morgan’s European head of global custody, to lead sales for its European custody and fund services business.

According to a memo seen by Global Custodian, Bax will be responsible for strengthening its client franchise in the region. He will report to Danny Caplan, EMEA head of investor services sales and Pat Curtin, global head of sales and client for custody and fund services .

His appointment follows Citi’s reshuffle among its European custody and fund services team, after Pervaiz Panjwani was chosen to head up global custody and fund services for Europe in March.

Bax joins the rival US bank after serving over 13 years at JP Morgan, where he held a number of roles within global custody, fund services and securities lending. He was head of FX product investor services, before being appointed EMEA head of global custody in 2014.

Citi has made a number of recent moves to bolster its investor services team across the US and Europe.

Last year it appointed Jervis Smith to a new role as head of investor services for Luxembourg, while also hiring Eric Julien de Pommerol from JP Morgan as EMEA head of Delta One.

At the end of last year, Citi expanded its European direct custody and clearing services to include Denmark, increasing its network to 36 markets across the region.