Citigroup, Inc (NYSE: C) announced that its securities and fund services division in Asia would expand its staff by 1,300 during the next 12 months as the company’s asset management business in the region is growing quickly.
The New York-based bank said that they are seeing a new wave of small to mid-sized asset management firms looking for Asian expansion, at the same time that Asian firms are looking t ogrow out of their home markets. “Funds in North America and Europe are coming here and looking at how to create the right business model,” said Neeraj Sahai, global business head of Citigroup’s securities and fund services group.
Asian firms are also looking beyond their borders. “In the past, a few Japanese firms have expanded. Now the top 10 from Korea, Japan, Taiwan and China are expanding” seeking partnerships with like-minded regional managers in other regions, said Chris Ryan, senior adviser in Citi’s securities and fund services group.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded up 1.16% hitting $3.91 during mid-day trading on Friday.
