Citi Names Adrian Faure as Global Head of EM Equities; Richard Heyes as Head of Equities Asia
Citigroup announced April 20 the appointment of Adrian Faure as Global Head of Emerging Markets Equities. In a newly created role, he will share managerial responsibilities for all of Citi’s equities operations across the emerging markets globally. Faure will continue to be based in Hong Kong and will report to Derek Bandeen, Global Head of Equities.
“Our clients continue to focus on investment opportunities within the emerging market economies and look to us to provide the means to enable this. Over several years Citi Equities has made significant investments in each of the core emerging market regions. Adrian’s appointment will enable us to integrate these businesses in order to better service our client needs across the entire emerging market universe,” said Derek Bandeen.
Faure’s appointment also marks the first global product head in Citi’s Markets business to be based in Asia Pacific, underlining the increasing importance of the region to Citi globally. For the first quarter of 2011, Citi globally reported revenues of close to US$20 billion and profit of US$3 billion, with emerging markets contributing to over half of the profit and Asia Pacific close to a third.
Faure joined Citi as the Asia Pacific Head of Research in May 2005 and was appointed as Head of Asian Equities-ex Japan and Australia in July 2009. Prior to Citi, Faure spent 18 years in Asia in a number of analyst and research management roles at Baring Securities, Merrill Lynch and Macquarie Securities. While at Merrill Lynch, he also spent two years in New York as Head of Latin America and Global Emerging Markets research.
“Adrian brings tremendous experience and deep knowledge of the Asian equities market and we look forward to his leadership as we build out our equities presence in the emerging markets,” added Bandeen.
Citi also announced that Richard Heyes will assume the role of Head of Equities Pan Asia. In this capacity, Richard will expand his current responsibilities for the Japanese market to include Asia Pacific and Australia. He will continue to be based in Japan and will report to Derek Bandeen and in the region to Rodrigo Zorrilla, Head of Markets Asia Pacific.
“Given the deep bench strength within our Markets business, we are delighted that Richard is assuming the leadership role for our equities franchise in Asia Pacific. We believe that under his leadership and with the strong team of sales and trading across the region, we can firmly establish Citi’s dominant position in the Pan-Asian equities market,” said Rodrigo Zorrilla, Head of Markets Asia Pacific.
Citi has a vast Markets presence in Asia Pacific, offering equity coverage in 16 countries including equity research, cash trading, derivatives, and over-the-counter trading in India, South Korea, Taiwan, Japan, Hong Kong, Philippines, Thailand, Australia, and Singapore.
In the first three months of the year, Citi has helped clients in Asia Pacific raise close to $40 billion from the capital markets.