Hong Kong: Citigroup Inc., the biggest US bank, announced it has opened a prime brokerage office in Singapore as part of a wider effort to compete for a larger share of Asia’s growing hedge-fund services business.
Alexis Fosler will run prime brokerage sales in Singapore and other Association of Southeast Asian Nations countries, as well as India. She will be joined by Paul Weir, who was appointed Citigroup’s client service manager, Citigroup said in an announcement.
“We need to be on the ground in Singapore, serving our growing client base and providing local clients with the benefits of Citi’s global Prime Brokerage platform,” Hannah Goodwin, the Hong Kong-based head of Asia Pacific prime brokerage for Citigroup, said in the statement.
Citigroup is competing against Goldman Sachs Group Inc. and Morgan Stanley for a larger share of Asia’s growing services industry for hedge funds. In February, Morgan Stanley announced the establishment of a prime brokerage team in Singapore. Its office will open later this year.
As Asian hedge fund assets grow 35% a year, demand is growing for prime-brokerage services, which include borrowing securities and cash, and clearing and settling trades.