Citi Alternative Investments has appointed Andrew Black, head of London credit structures and Tim Greatorex, head of structured investment vehicle strategies, as co-heads of the global credit structures business.
GCS develops and provides investment, funding and operational support services to SIVs, special purpose companies that use a combination of investment-grade credit risk management and financial leverage to generate enhanced returns for investors.
Black and Greatorex replace Charles Covell, the business head of GCS who has announced his plans to retire after working for Citi since graduating from Cambridge University in 1976, and who has overseen the distribution and management of all CAI products throughout Europe.
During his career he gained experience in a number of Citi divisions, including real estate lending, international marketing and new product development of electronic banking products, regional management of UK branches, remedial loan management and the structuring and negotiation of acquisition finance transactions and debt advisory projects.
'We are grateful for the expert guidance and leadership Charles has exhibited in his career with Citi, especially for the fine work he accomplished in building the GCS platform,' says Dean Barr, head of liquid alternative investments.
'When Charles first took over the credit structures business in 1993, assets under management were about USD6bn, compared with more than USD85bn today. He has made GCS a true leader in leveraged fixed income structures.'
Black joined Citi in 1987 and in 1994 joined the management team of London credit structures as director and head of credit. He was appointed senior investment officer in 1997 and took over as business manager in 1999.
Greatorex joined Citi in 1994, initially to run the medium-term funding operations of the London credit structures business, and he is now a managing director and head of SIV strategies, a business unit established in 2003 to focus on the evolution of SIVs.
They will continue to be based in London and will report to Barr, who says: 'Andrew and Tim have done a tremendous job in building and strengthening our successful credit structures platform. Their leadership and experience within the industry and CAI make them both well suited for filling this important role.'