Citi creates Financial and Strategic Investors group in investment banking, hires Lazard executive

By Tatiana Bautzer

NEW YORK, April 23 (Reuters) – Citigroup is creating a new ​division within investment ‌banking to boost transactions with financial sponsors, the bank’s head of banking Vis Raghavan ‌said ​in an ⁠internal memo seen ⁠by Reuters.

The new group is replacing the former Global Asset Management and ​is expected to cover clients in three ⁠segments: financial ⁠sponsors, sovereign wealth funds ​and family offices. Three ​executives will lead it, Michael ‌Marcus and Michael Quadrino in New York and Klaus Hessberger in ⁠London.

Marcus and Quadrino were already leading sponsor relationships in New York ⁠and ‌Hessberger is joining ⁠Citigroup in London. ​Hessberger ‌is coming from ​Lazard, where ⁠he was Global Co-Head of Financial Sponsors, after a 25-year career at JPMorgan Chase & Co.

(Reporting by ​Tatiana Bautzer)