Citi hires head of prime finance for Japan, Asia North, Australia and Asia South

Jig Patel is joining Citi as head of prime finance for Japan, Asia North, Australia (JANA) and Asia South, based in Hong Kong.

Starting this week Hong Kong-based Patel (pictured) has been tasked with the ongoing development of the prime finance offering in these markets, and the strategic growth of our platform as we accelerate progression.

He will also have responsibility for prime product, stock borrow and lending, synthetic prime brokerage, funding rading, and in business risk, and oversight of the client executive function, leveraging his deep relationships with clients.

Patel is reporting to Robert Stewart, Citi’s head of equity trading for JANA and Asia South, and Citi’s global heads of prime services, Sebastien Mailleux and Tim Tomalin-Reeves.

Patel spent 30 years at Goldman Sachs building out their Asia prime business, and was most recently at Millenium.

Paul Smith, Citi head of markets for JANA, has said the bank wants to increase headcount between 5% to 10% across prime in Asia.

Citi Markets had its best second quarter performance since 2020 with revenues at $5.9 billion, up 16% YoY, and net income of $1.7 billion, up 20% YoY, driven by fixed income and equities.

It was a record second quarter for equities with revenues of $1.6 billion, an increase of 6% YoY, driven by momentum in prime services, with record prime balances up approximately 27%, as well as higher client activity and volumes in cash equities.

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