* Feig has been Citi's forex chief for 10 years
* Will join Fortress as portfolio manager
(Adds details and background)
June 17 Citigroup Inc's global head of
foreign exchange, Jeff Feig, is leaving the bank and will join
investment firm Fortress Investment Group LLC as a
Feig, who has been with Citigroup for 25 years, served as
the bank's forex chief for 10 years.
"Given his tenure in his role, this departure was
well-anticipated, and part of the natural cycle of the
business," a Citigroup spokeswoman said in an e-mailed
Feig's departure comes as Citigroup and other major banks
have fired foreign exchange traders amid investigations by
governments around the world into possible manipulation of
There was no indication that Feig's departure was related to
any investigation. His spokesperson declined to comment.
The investigations have resulted in dozens of traders at
leading banks being suspended or fired.
Feig's departure follows that of his former boss, Anil
Prasad, who left the company in February. Prasad's departure was
not related to the investigations, a source familiar with the
matter said at the time.
According to Euromoney magazine, Citigroup sees almost 16
percent of the estimated $5.3 trillion a day that passes through
the world's largest financial market.
Spot currency trading volumes in general have fallen sharply
this year, however, cooled by falling market volatility in an
era of universally low interest rates and, some say, the impact
of the "fixing" investigation on traders.
Feig, who joins the Fortress this autumn, will serve as the
co-chief investment officer of Fortress Macro Fund.
Fortress managed $62.5 billion in assets as of March.
Feig will play a key role in furthering Fortress's evolution
into a more diversified group of hedge funds centered around the
Fortress Macro Fund, the investment firm said.
"His expertise ... will be invaluable as we steadily grow
our business, including in the retail alternative space," said
Stu Bohart, co-president of liquid markets at Fortress.
Citigroup shares were little changed at $47.93 in afternoon
trading on Tuesday on the New York Stock Exchange. Fortress
Investment shares were trading at $7.62.
(Reporting by David Henry in New York, Patrick Graham in London
and Tanya Agrawal in Bangalore; Editing by Meredith Mazzilli and