Citigroup nabs Asia Deutsche Bank prime broker exec

HONG KONG, April 30 (Reuters) - Citigroup (C.N: Quote, Profile, Research, Stock Buzz) said on Monday it hired Lane Hocking from rival Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) to head non-Japan Asia equity finance trading as it builds out its regional prime brokerage team.

Citigroup, which opened a prime brokerage office in Singapore earlier this year, is competing with banks like Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) in Asia's rapidly growing hedge funds market, which had assets under management of $140 billion last year, according to Eurekahedge.

Prime brokers provide services like loans, stock lending and trading to hedge funds.

Hocking, who will join as a managing director, had been head of prime services for Deutsche in Japan and he will report to Hannah Goodwin, Citigroup's Asia Pacific prime brokerage chief.