ETF News

MOVES-Citi hires Regazzi from UBS as prime head in equities push

March 13 (Reuters) - Citigroup Inc has hired Tom Regazzi as its new head of prime finance for North America, according to an internal memo.

Regazzi, who had worked at UBS for the past six years as head of synthetics equity trading, is the latest senior hire from Citi as it tries to bolster its equities business.

A Citi spokesman confirmed the contents of the memo.

Citi, which has traditionally been known as a bond powerhouse, has been investing in its smaller equities trading unit over the past several years by building out its prime brokerage and bespoke derivatives businesses to cater more to hedge fund clients.

Last May, Citi named Dan Keegan and Murray Roos as co-heads of global equities to replace Derek Bandeen, who retired. Roos had joined Citi from Deutsche Bank AG.

Citi also last year hired Armando Diaz from hedge fund Millennium Management to run cash equity trading.

Citi reported equities revenue of $694 million in the fourth quarter of 2016, up 15 percent, but below the $800 million to $900 million a quarter Citi CEO Michael Corbat has said the firm was targeting. (Reporting by Olivia Oran in New York; Editing by Sandra Maler)