Asia's where it's at for Citi's DR business

Citigroup relocates its global head of depositary receipt services from New York to Hong Kong.

In a move that reflects Asia's growing importance to the depositary receipt business, Citigroup is relocating its global head of the DR business from New York to Hong Kong.

Sanjeev Nanavati, a managing director, is to return to Asia where he will run the global DR business, including American Depositary Receipts ADR product, from Hong Kong. He is the only global business head to be located in Asia.

Says Nanavati The DR market in Asia is driven by capital raising and changing market conditions and my presence in the Asian time zone allows us to be exceptionally responsive to client needs.

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