Citi announced yesterday that it has appointed Adrian Faure as global head of emerging markets equities. In this newly created role he will share managerial responsibilities for all of Citi’s equities operations across the emerging markets globally. Faure will continue to be based in Hong Kong and will report to Derek Bandeen, global head of equities.
Bandeen said in a press release that Citi has been investing in emerging markets for several years, adding that: “Adrian’s appointment will enable us to integrate these businesses in order to better service our client needs across the entire emerging market universe.”
Faure’s appointment also marks the first global product head in Citi’s markets business to be based in Asia-Pacific, underlining the increasing importance of the region to Citi globally. For the first quarter of 2011, the bank reported global revenues of close to $20 billion and profit of $3 billion, with emerging markets contributing to more than half of that and Asia-Pacific close to a third.
Faure joined Citi as the Asia-Pacific head of research in May 2005 and was appointed as head of Asian equities ex-Japan and Australia in July 2009. Prior to Citi, Faure spent 18 years in Asia in a number of analyst and research management roles at Baring Securities, Merrill Lynch and Macquarie Securities. While at Merrill Lynch, he also spent two years in New York as head of Latin America and global emerging markets research.
“Adrian brings tremendous experience and deep knowledge of the Asian equities market and we look forward to his leadership as we build out our equities presence in the emerging markets,” added Bandeen.
Citi also announced that Richard Heyes will assume the role of head of equities for pan-Asia. In this capacity, Heyes will expand his current responsibilities for the Japanese market to include Asia-Pacific and Australia. He will continue to be based in Japan and will report to Bandeen and, in the region, to Rodrigo Zorrilla, head of markets for Asia-Pacific.
Citi offers equity coverage in 16 countries, including equity research, cash trading, derivatives and over-the-counter trading in India, South Korea, Taiwan, Japan, Hong Kong, Philippines, Thailand, Australia and Singapore. In the first three months of the year, Citi has helped clients in Asia-Pacific raise close to $40 billion from the capital markets.
In another addition, Citi has appointed David Khoo as a managing director, Asia-Pacific, for the financial institutions group (FIG). Khoo, who will be based in Singapore, will focus on Citi’s FIG clients in Asean, where he has an established track record.
He joins Citi after more than eight years with ABN Amro and then Royal Bank of Scotland, where he was most recently managing director and head of Southeast Asia FIG. He started his investment banking career at J.P. Morgan in Tokyo in 1996 and from 1998 to 2002 worked in J.P. Morgan’s FIG group covering Asean financial institutions.
“We are focused on being the leading FIG bank in Asia-Pacific and this hire is another important step towards this goal,” said Simon Yoo, co-head of FIG for Asia-Pacific.
During the past month, Citi has also hired Jeff Emmanuel as managing director in FIG and vice-chairman of Australia and New Zealand banking to lead coverage of Australia and New Zealand FIG, as well as Brian McCullough as a managing director and head of capital advisory services in the bank’s FIG team.
Citi advised DBS on the planned sale of its asset management business to Nikko Asset Management earlier this year and advised Ruentex on its $2.16 billion planned acquisition of Nan Shan, AIG’s Taiwan business.
Year to date, Citi has helped Asia-Pacific FIG clients raise more than $12 billion from the capital markets, according to Dealogic data. Specifically in capital markets, Citi has led key debt deals for banks such as State Bank of India, ANZ, CBA and Industrial Bank of Korea, and in the equities markets deals for the likes of Bank Mandiri and Mahindra & Mahindra Financial Services in 2011.