Citigroup Global Prime Finance Group is taking over

Posted at March 30, 2010

Citigroup is expanding and expanding impressively. The 13 new hires are all additions to its Global Prime Finance Group in London and New York, each specializing in trading and risk.

“Prime Brokers provide a variety of settlement, custody and financing services to hedge funds and other specialized investment or dealing operations. The sector has historically been led by Goldman and Morgan Stanley- in 2007 they shared more than half of the business- but their dominance has been under threat since the financial crisis.”—www.cnbc.com

The prime finance division of Citigroup seems to be taking advantage of this opening in the market, whose prime finance team ranked third for service last year in a survey. Goldman Sachs and Morgan Stanley have been experiencing complaints from their investors regarding client services, this is where Citigroup plans to focus their efforts.

” ‘These hires are key steps as we continue to expand our business, both through increasing the depth of our product and service offerings and our international footprint.’ Nick Roe, Citigroup’s global head of prime finance, said in a statement. ‘Prime Finance continues to be a key growth area for Citigroup.’ “— www.cnbc.com

Citigroup could be a refreshing and much needed change of pace for the hedge fund industry in terms of prime brokers. We will have to wait and see if they can handle this new responsibility.

 

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