Murray Roos, co-head of global equities at Citi, is still hiring. The U.S. bank has just poached Paul Marchington, former head of EMEA synthetic equity sales at UBS. Citi says Marchington will be joining as APAC Head of Investor Services Sales, based in Hong Kong and starting in August.
Marchington joined Citi from Nomura in February 2012. Prior to that, he was an MD at Lehman for three years and at Deutsche Bank for eight years. At Citi, he will be responsible for leading the bank's APAC sales and client executive strategy across 'the full spectrum of Investor Services products.' These include prime finance, OTC Clearing, futures & collateral and custody and fund services.
Roos joined Citi from Deutsche Bank in May 2015 and has since been busy hiring across Citi's equities business, with Deutsche Bank a favourite hunting ground.
Other recent Citi hires include Dirk Keijer and Quentin Andre, two equity derivatives veterans from Goldman Sachs, who joined in March 2016.
Headhunters say that Marchington was, "very well looked after," at UBS, implying that Citi will have paid handsomely to recruit him.
Equity derivatives businesses haven't had a good start to the year, but this isn't preventing banks from recruiting for select areas. J.P. Morgan recently hired a senior retail structured product salesman from SocGen, for example. "Equity derivatives traders are having a hard time, but banks are keen to build their distribution businesses," says one headhunter, speaking off the record. "The distribution teams at banks like BNP Paribas and Credit Suisse are significantly up on last year," he claims.