Citi Merges US Electronic Trading and Portfolio Teams in Stream Credit Restructuring
Investment bank Citi has regrouped its electronic trading and portfolio teams in the United States with the aim of centralizing its risk taking on global spread products (GSP), according to an internal memo consulted by The TRADE.
Known as GSP Quantitative Trading, the new unit will merge beta, electronic and automated (BEAT) trading activities with portfolio trading, focusing on market making and risk taking in algo trading, trading. ETF creation-redemption, fixed income ETF trading and portfolio transactions in spread products.
GSP Quantitative Trading will be co-led by Peter Chalif, Global Trading Co-Head of BEAT, and Derek Hafer, Global Head of Spread Portfolio Trading. Jay Mann, Co-Head of GSP Algorithm, Market Making and Ecommerce, will lead the new division’s platform sales team along with the trading team.
Vikram Prasad, Global Head of Flow Credit Trading at Citi, author of the note, said the platform’s sales team will meet the growing demand for electronic trading, connectivity and direct market access. with strategies across portfolios, ETFs and systematic solutions.
Hafer took up his role as global head of spread product portfolio transactions for the United States at Citi in December after the investment bank said it saw a rapid increase in portfolio transactions. Led by Hafer, Citi has expanded its portfolio trading capabilities to include trend response spread and flow products.
The memo also listed several new appointments as part of the reorganization within flow credit, portfolio trading and electronic trading. Sam Berberian has been appointed head of corporate spot trading for North America, while Olaf Auerbach has been appointed head of distressed trading in North America.
Elsewhere, Davy Kim has been given an expanded role as head of macro trading in North America in addition to his current position as co-head of synthetic structured credit. Abbas Zaidi has also been promoted to Head of High Yield Trading.