GlobalCustodian.com this week reported that Citi has hired Christy York as managing director and head of capital introduction for its Prime Finance business in the Europe, Middle East and Africa (EMEA) region. The appointment is part of the ongoing evolution of the capital introduction business unit. Following this news, we spoke to Chris Greer, global head of capital introductions at Citi, about how the business has evolved in the last few years and what continues to drive its growth.
How has the capital introduction business evolved over the years?
CG: The capital introduction business has evolved a lot over the years. As well as its traditional and original purpose of introducing hedge fund clients to capital allocators, we now serve as strategic partners to our clients. We provide analysis of funds, give market commentary, arrange events that are networking opportunities but also educational seminars, and we use our raft of products and services around the world to give our clients a more comprehensive and customized service.
What prompted the appointment of a capital introductions head for EMEA?
CG: We have been hiring globally in capital intro on a very selective basis. Beth Neely joined us last year as head of capital introduction for the US and Martin Visairas joined as the head of cap intro in Asiaboth of these hires had an excellent mix of experience and relationships to bring to the table. Christy York is another hire of this caliber. He’s a seasoned professional in the hedge fund and prime finance industry.
While experience and ability are important factors in hiring, its also important that the people we add fit into the business culture of todays Citi Prime Finance organization. Its a balance that sees us making selective hires. The London team have been together for a number of years and have built a great business, and I’m confident Christy will add to this platform. Our clients increasingly need service around the world so it is important to have people in Europe and around the globe who can service their needs in any country. Citi does business in over 160 territories around the world.
How will the growth of hedge funds affect your business?
CG: Hedge funds continue to invest in all types of assets, and this trend looks set to continue as they broaden their businesses. More institutional investors have entered the market now, and as such our role as conduit and adviser is increasingly important.
Where do you see the capital finance business unit within the prime finance division in five years time?
CG: We have a built a world-class team of professionals in the global capital intro group, and we’ll continue to grow and adapt as our client needs change. I can only see us getting stronger. Prime Finance and our capital introduction service are key strategic areas for Citi for the foreseeable future.
What are the threats and opportunities?
CG: The markets are challenging for our clients at the moment, but where there are challenges there are also always opportunities. We continue to support our clients in this environment and help them to grow and do business around the world.
Does Citi regard this as a core business, given that banks are scaling back on some business lines in order to prepare for regulatory change?
CG: Citi absolutely sees Prime Finance and capital introductions as core businesses.
What systems do you have in place for the capital introductions business?
CG: We have customized CRM and database systems. We continually invest and work to improve our technology. Technology is an ever-changing part of our business and a very important one. However, I believe that although the systems are important, its our team, their experience and our approach that differentiates Citi capital introductions from our competitors.