Citigroup Hires Yang to Head Hedge Fund Services Unit in Asiaby
Yang will lead Asia-Pacific prime finance unit from Hong Kong
His predecessor Joseph Chang left Citigroup in March
Citigroup Inc. hired Angus Yang to head a unit in Asia that provides services to hedge funds including brokering trades, lending securities and introducing them to potential investors, after his predecessor left the bank in March.
Yang will be Asia-Pacific head of prime finance at Citigroup’s Hong Kong office, according to an internal memo dated March 30. He most recently had a similar job at Barclays Plc. Godwin Chellam, a Hong Kong-based spokesman for Citigroup, confirmed the contents of the memo.
He is joining Citigroup "at a time of growth and focus on the prime finance business,” David Russell, Asia-Pacific head of securities services, and Adam Herrmann, global head of prime finance, wrote in the memo.
Joseph Chang, who previously led the unit, left Citigroup to "pursue opportunities outside of the bank,” according to a March 18 internal memo. Yang is the latest new hire as Citigroup has been reshuffling the business. Last year, it recruited Herrmann from UBS Group AG. Murray Roos, previously of Deutsche Bank AG, filled the newly created position of global head of sales for the prime-finance and equities units. Simon Kempton also joined from the German bank to head prime finance for Europe, Middle East and Africa.
Citigroup is hiring for the unit at a time when some rivals are reviewing the business amid greater regulatory and shareholder scrutiny on capital efficiency and profitability. In an October presentation, Credit Suisse Group AG identified prime services and macro trading as two units not recouping the cost of capital.