Citi Announces Key Appointments in Financial Institutions Group and Global Transaction Services in the Middle East
Appointments Underscore Citi's Commitment to Growing Its Securities and Fund Services Business in the Region
Monday October 29, Bahrain – Citi today announced it has made two key management appointments in its Financial Institutions Group and Global Transaction Services business in the Middle East. Jervis Smith has been named Managing Director, Financial Institutions Group, Head of International Managed Funds and Middle East and Richard Street has been appointed Director, Securities and Fund Services Strategy & Business Development, Middle East and North Africa.
The appointments underscore Citi's commitment to seizing the numerous opportunities presented by the growing fund industry in the Middle East by developing its securities and fund services business in the region. Both Mr. Smith and Mr. Street are presenting at the Fund Forum 2007 Middle East Conference in Bahrain from 30-31 October.
As the Head of International Managed Funds and Middle East for Citi's Financial Institutions Group, Mr. Smith is responsible for the relationship management of Citi's clients in the investment community internationally and for all financial institutions in the Middle East. Prior to his current role, Mr. Smith was Co-Head of Financial Institutions in Europe, Middle East and Africa (EMEA) in Global Transaction Services. Mr. Smith is a Senior Credit Officer with 25 years of experience in corporate and private banking and was previously a Senior Banker responsible for a portfolio of fund management clients at Citi in New York and London.
Based in Dubai, Mr. Street is responsible for the strategic development of Citi's Securities and Fund Services capabilities in the Middle East and North Africa region and for developing client relationships across the product range. Prior to his current role, Mr. Street was the Co-Head of Securities and Fund Services sales in EMEA, with specific responsibility for the UK, Ireland & Channel Islands, the Nordic region, Central and Eastern Europe, Middle East and Africa. Mr. Street has been a member of the securities and fund services sales team at Citi for over 10 years and previously worked within Global Custody Product Management focusing on product development for customer delivery solutions.
Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: "The new appointments will add depth to our regional coverage strategy and will meet the growing needs among the region's top institutional investors for world-class investments. The significant potential for the Financial Institutions Group and Global Transaction Services business in the Middle East calls for a dedicated team of seasoned professionals to cover the region in partnership with Citi's expanded team on the ground."
"Mounting private wealth, a deepening equity culture and a fast-improving regulatory backdrop are prompting new interest in the Middle East region among international asset managers," said Mr. Smith. "Citi recognizes the demand for a truly global provider to work in partnership with the region's securities and fund industry and is engaged in developing our local securities and fund services presence in the Gulf States."
"Citi's move into offering securities and fund services in the Middle East reflects our commitment to a region where we have had a presence for more than 50 years," said Mr. Street. "With product experts located in the Middle East region supported by our global network of securities services operations, Citi is well placed to help shape the Middle Eastern fund industry and assist it in its international product development."
Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
On Tuesday 30 October at Fund Forum Middle East, Mr. Smith will be moderating the Middle East CEO Global Panel entitled "Creating A Successful Business Model For The Middle Eastern Fund Management Industry: Pinpointing Where To Focus And Who To Target" and Mr. Street will be speaking about "Supporting Product Innovation: The Back Office Challenges of Meeting Innovative Techniques." For further information, kindly visit: www.icbi-fundforumme.com
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Markets & Banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
Global Transaction Services, a division of Citi Markets & Banking, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 3rd quarter of 07, it held $255 billion in liability balances under administration and $12.5 trillion in assets under custody and trust.