Citigroup plans to increase its Asia-Pacific prime brokerage staff by approximately 10% this year, a key strategy in its aggressive push to capture hedge fund business in the region. According to Sue Lee, Head of Markets for Asia South at Citigroup, the expansion will focus on Singapore and India; the bank is recruiting for front-office and technology roles in these countries to strengthen its global platform. This regional move aligns with Citigroup's global strategic goal of growing its prime brokerage assets from $450 billion in 2025 to over $700 billion by 2028. While Citigroup has long held strengths in rates and fixed income markets, its equities business has lagged behind Wall Street peers and is now actively catching up. The bank's prime brokerage business primarily provides financing and securities to hedge funds to assist them in executing trades. Citigroup has been recruiting from competitors to bolster its leadership team. Last year, it hired Jignesh Patel, a veteran formerly with Goldman Sachs and Millennium Management, for a senior Asia-Pacific role. The firm also brought in Laiman Wong from UBS Group to oversee senior client relationships for the region's markets in Hong Kong. Following these hires, Citigroup has now entered a second phase of recruitment. Paul Smith, Head of Markets for Japan, North Asia, and Australia at Citigroup, stated that after recruiting key front-office personnel in the region last year, the bank is now focused on "filling the gaps."
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