AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 131.80 Decreased By ▼ -0.70 (-0.53%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.84 Increased By ▲ 0.07 (1.86%)
DCL 8.70 Decreased By ▼ -0.17 (-1.92%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 89.00 Decreased By ▼ -1.16 (-1.29%)
FCCL 35.22 Increased By ▲ 0.14 (0.4%)
FFBL 66.45 Decreased By ▼ -0.05 (-0.08%)
FFL 10.43 Increased By ▲ 0.28 (2.76%)
HUBC 109.61 Increased By ▲ 3.21 (3.02%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.83 Decreased By ▼ -0.03 (-0.62%)
KOSM 7.07 Increased By ▲ 0.22 (3.21%)
MLCF 42.60 Increased By ▲ 0.80 (1.91%)
NBP 59.00 Increased By ▲ 0.42 (0.72%)
OGDC 184.28 Increased By ▲ 3.03 (1.67%)
PAEL 25.70 No Change ▼ 0.00 (0%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.80 Decreased By ▼ -0.60 (-0.4%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.45 Increased By ▲ 1.21 (7.94%)
SEARL 69.20 Increased By ▲ 0.41 (0.6%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.11 Increased By ▲ 0.11 (0.31%)
TPLP 7.56 Increased By ▲ 0.16 (2.16%)
TREET 14.19 Decreased By ▼ -0.05 (-0.35%)
TRG 50.86 Increased By ▲ 0.01 (0.02%)
UNITY 26.89 Increased By ▲ 0.49 (1.86%)
WTL 1.23 Increased By ▲ 0.02 (1.65%)
BR100 9,822 Increased By 54.5 (0.56%)
BR30 29,806 Increased By 405.7 (1.38%)
KSE100 92,378 Increased By 440 (0.48%)
KSE30 28,835 Increased By 91.6 (0.32%)

Citigroup is reorganising its hedge fund services by offering equity, fixed income, currency trading and other services through one prime brokerage business unit, according to a March 15 internal memo obtained by Reuters.
The new Hedge Fund Services unit will be headed by Steve Bowman, most recently head of fixed income sales, the memo stated. Bowman will report to Jamie Forese, head of equities, and Neeraj Sahai, head of securities and fund service.
"Serving hedge funds is a key strategic opportunity for Citi," the memo said. It said the new unit aims to unify "multi-broker, multi-strategy capabilities under one business to anticipate and address the increasing complex needs of hedge fund clients anywhere in the world."
A spokesman for Citigroup, now branded as Citi, declined to comment other than to confirm the contents of the memo.
Citigroup, like other major financial institutions, is pushing hard into the lucrative area of serving a growing hedge fund industry. Prime brokerage, which provides trade execution, lending, capital raising and other services to hedge funds, is currently dominated by Morgan Stanley, Goldman Sachs and Bear Stearns Cos.
Prime brokers vying for an increased share of a $1.4 trillion hedge fund market now must offer an increasing array of services to an industry that trades a increasingly diverse array of strategies. Citigroup already offers multiple hedge fund services, but is consolidating them with the new unit, the memo stated.

Copyright Reuters, 2007

Comments

Comments are closed.