Citi opens prime brokerage office in Singapore

Citigroup has opened a prime brokerage office in Singapore. The US dealer says the move underlines its commitment to Singapore and the growing importance and growth of the Singapore hedge fund industry.

Alexis Fosler will run prime brokerage sales in Singapore and other Association of South East Asian Nations (Asean) countries, and will cover Indian prime brokerage sales. Fosler previously worked in the offshore banking industry in the British Virgin Islands.

Also joining the Singapore prime brokerage office will be Paul Weir as client services manager. He previously worked for Bear Stearns for five years and was most recently in charge of the bank’s European fixed-income prime brokerage operations.

Further additions to this team are expected over the coming year.

The move follows the launch in September of Citigroup’s Asia-Pacific alternative investment administration services group, also targeting hedge fund manager clients. Services provided include fund and portfolio accounting, general ledger accounting, shareholder record keeping, corporate secretarial services and customised statements and reports. In effect, clients outsource their administration requirements to the bank.