Citigroup has named Jignesh Patel, a former executive at both Millennium and Goldman Sachs, as head of Asia-Pacific prime finance, underscoring the bank’s push to grow its hedge fund servicing business in the region, according to a report by Bloomberg.
Patel, who began the role on Monday and is based in Hong Kong, reports to Citi’s global prime services co-heads Sebastien Mailleux and Tim Tomalin-Reeves, as well as Robert Stewart, the bank’s Asia-Pacific head of equity trading.
A seasoned prime services executive, Patel was previously Asia-Pacific COO for prime services at Goldman Sachs, one of the region’s top prime brokers alongside Morgan Stanley. Most recently, he served as Asia-Pacific treasurer for Millennium Management, Izzy Englander’s $78bn multi-strategy hedge fund.
Citi’s hire comes amid intensified competition to win hedge fund clients in Asia, with prime brokers seeking to expand trading, financing, and capital introduction capabilities across the region.
