Citigroup’s McCullough Said to Exit as Fundraising Slumps
Brian McCullough, a managing director at Citigroup Inc. (C)’s Asia-Pacific financial institutions group, has left after less than two years with the bank, two people with knowledge of the matter said.
McCullough was hired in March 2011 to lead Citigroup’s capital advisory services for financial institutions across the region. His departure comes after fundraising by the industry fell short of expectations, one of the people said, asking not to be identified because the information is private.
The value of convertible bonds sold by financial-services companies in the Asia-Pacific Region outside of Japan has slumped 66 percent this year to $1.97 billion compared with all of 2011, data compiled by Bloomberg show. Share sales by such firms are down 9 percent.
James Griffiths, a Hong Kong-based spokesman at Citigroup, and McCullough both declined to comment.
McCullough joined Citigroup from PacBridge Capital Partners last year. He was a managing director at Morgan Stanley before moving to PacBridge Capital.
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