Citi Poaches State Street’s Choudhary for Transition Management

Citi has hired Adnan Choudhary as a project manager for its European Transition Management team, according to an internal memo from the bank.

He joins from State Street where he was an Investments Transition Manager for eight years. 

In his new role, he will be responsible for managing Citi’s portfolio transition projects for institutional clients in Europe, Middle East and Africa (EMEA) region. He will report to Steven Dalzell, global head of Transition Management in London.

“This new hire highlights our commitment to Transition Management as our team continues to expand to provide clients with global solutions while delivering consistently high quality standard of service, technology and support through an integrated platform,” the bank says in the memo.

The appointment of Choudhary marks a readiness by Citi to expand its market share, following the exit of key players. J.P Morgan began closing its global Transition Management business in 2013, as did Credit Suisse with its U.S. Transition Management unit. BNY Mellon followed suit less than a year later.

Meanwhile, U.S. brokerage and investment bank Cantor Fitzgerald has hired four senior staff members from J.P. Morgan’s former Transition Management team.

Filip Skala will head Cantor’s U.S. Portfolio Solutions within the Transition Management unit in New York, while Jemma Broadgate will serve as director of institutional Sales in London.