Citigroup Inc. (C), the third-biggest U.S. bank, hired David H. Tenney as a managing director and regional head of sales for the Americas at its prime brokerage unit, which provides services to hedge funds.
Tenney, who previously worked at Forester Capital LLC, Russell Investments and Goldman Sachs Group Inc. (GS), will run unified hedge-fund sales across prime brokerage, securities lending and Delta One, the New York-based bank said today in a statement. Delta One products are typically derivatives tied to a group of securities. He will report to unit executives Alan Pace, David Murphy and John Gallo, according to the statement.
Citigroup Chief Executive Officer Michael Corbat, 53, is seeking to expand the bank’s prime brokerage as it pulls back from other businesses. The unit provides financing to hedge-fund clients while also helping the firms process trades and attract investors. The lender hired Matthew Clark from Goldman Sachs last month to head client solutions in the division.
“This appointment underscores our commitment to hiring the highest-caliber talent as we continually look for ways to enhance our client services and product offerings,” Pace said in the statement.
Tenney replaces Keith Gertsen, who moved to Citigroup’s private-banking division in February, Pace said in an telephone interview. He starts at the end of the month, said Scott Helfman, a bank spokesman.
Tenney joined Goldman Sachs in 1986 and worked there for about two decades, according to records from the Financial Industry Regulatory Authority. His roles included co-head of research and co-head of the firm’s equity business in Chicago, according to a 2001 statement.
“We’re taking someone with an equities and alternatives background and putting them into a prime finance leadership role,” Pace said in the interview. “He has strong relationships with hedge funds and a knowledge of their needs. This will continue to strengthen our position within the hedge-fund community.”
Tenney was most recently head of client relations at Forester Capital, a Greenwich, Connecticut-based financial firm, and led alternative investments at Russell Investments after leaving Goldman Sachs in 2007, Citigroup said.