Citi named David Ratliff Asia-Pacific head of public sector banking on Wednesday in a newly created advisory role for clients from sovereign wealth funds to central banks.
He will be the main point of contact at Citi across corporate and investment banking as well as markets and securities services for public sector clients in the region, according to a memo seen by FinanceAsia.
Ratliff will lead public sector client coverage relationships in Asia, advising on privatisations, capital markets, loans, derivatives, sales and trading, cash management, foreign exchange, trade finance and custody.
Ratliff will also oversee markets relationship coverage for public sector clients in Asia including central banks, finance ministries, sovereign wealth funds, development banks, and central governments.
“This client base is at the core of our growth strategy in the region,” said Mark Slaughter, Citi’s head of corporate and investment banking Asia-Pacific.
Increased interest from sovereign wealth funds and large institutional investors in a wider array of investment opportunities in Asia is shaking up how investment banks deploy their people.
HSBC named Rami Hayek to a similar position and Deutsche Bank created a new role for Ashok Pandit as head of sovereign wealth funds and institutional client coverage last year.
For the past few years SWFs such as Temasek, GIC, CIC, Khazanah Nasional and Norges Bank, very large pension funds like Ontario Teachers, Malaysia’s EPF and big institutions such as BlackRock have each played an increasingly important role in capital market transactions in Asia. However most of these banks’ dealings with such clients involves flow business.
Citi is particularly looking to win a greater share of wallet from these clients in foreign exchange, custody and trading so Ratliff’s 18 years’ of regional and markets experience will be helpful.
“The coverage of public sector clients is one of Citi’s fastest growing businesses in Asia and one where we can play an even greater role supporting clients across a number of areas from foreign exchange and cash management to capital markets and advisory work,” Ratliff told FinanceAsia.
Ratliff will report to Mark and Julie Monaco, global heads of Citi’s public sector group.
