By Tatiana Bautzer
NEW YORK, April 23 (Reuters) – Citigroup is creating a new division within investment banking to boost transactions with financial sponsors, the bank’s head of banking Vis Raghavan said in an internal memo seen by Reuters.
The new group is replacing the former Global Asset Management and is expected to cover clients in three segments: financial sponsors, sovereign wealth funds and family offices. Three executives will lead it, Michael Marcus and Michael Quadrino in New York and Klaus Hessberger in London.
Marcus and Quadrino were already leading sponsor relationships in New York and Hessberger is joining Citigroup in London. Hessberger is coming from Lazard, where he was Global Co-Head of Financial Sponsors, after a 25-year career at JPMorgan Chase & Co.
(Reporting by Tatiana Bautzer)
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