HedgeCo.net – London  Citi Alternative Investments (CAI) has announced that Andrew Black, Head of London Credit Structures and Tim Greatorex, Head of SIV Strategies, have been named co-heads of theGlobal Credit Structures (GCS) business. GCS develops and provides investment, funding and operational support services to Structured Investment Vehicles (SIVs), which are special purposecompanies that use a combination of investment grade credit risk management and financial leverage to generate enhanced returns for investors in their capital.
Andrew and Tim replace Charles Covell, the business head of GCS, who has announced his plans to retire. Charles has worked for Citi since graduating from Cambridge University in 1976. In addition to overseeing the distribution and management of all CAI products throughout Europe, he had extensive experience in a number of the company’s divisions over his career, including real estate lending, international marketing and new product development of electronic banking products, regional management of branches in the U.K., remedial loan management and the structuring and negotiation of major acquisition finance transactions and debt advisory projects.
“We are grateful for the expert guidance and leadership Charles has exhibited in his career with Citi, especially for the fine work he accomplished in building the GCS platform,†said Dean Barr, Head of Liquid Alternative Investments. “When Charles first took over the credit structures business in 1993, assets under management were about $6 billion. Today, that number has reached to over $85 billion. He has made GCS a true leader in leveraged fixed income structures and we thank him for his valuable contributions and leadership.â€Â
Andrew and Tim have nearly 35 years of combined experience with Citi. Tim serves as Managing Director and Head of SIV Strategies, a business unit formed in 2003 to focus on the evolution ofSIVs. Tim joined Citi in 1994, initially to run the medium term funding operations of the London Credit Structures business. Andrew joined Citi in 1987 and in 1994 joined the managementteam of London Credit Structures as Director and Head of Credit. He was appointed Senior Investment Officer in 1997 and took over as Business Manager in 1999. Andrew and Tim will continueto be based in London and will report to Dean Barr.
“Andrew and Tim have done a tremendous job in building and strengthening our successful credit structures platform,†added Mr. Barr. “Their leadership and experience within the industry and CAI make them both well suited for filling this important role.â€Â
About Citi Alternative Investments:
Citi Alternative Investments is an alternative investment platform that manages a wide range of products across four asset classes, including private equity, hedge funds, real estate and structured products. CAI manages capital on behalf of Citi, as well as third-party institutional and high net worth investors. As of December 31, 2006, CAI had approximately $49.2 billion of un-levered assets under management, ranking CAI among the world’s largest alternative asset managers. CAI’s goal is to enable its 14 investment centers to retain the entrepreneurial qualities required to capitalize on evolving opportunities, while benefiting from the intellectual, operational and financial resources of Citi.
About Citi:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi’s trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Contact:
Jon M. Diat 212-793-5462 [email protected]
