Citi has appointed Reto Faber as head of direct custody and clearing (DCC) in Europe, the Middle East and Africa.
Reporting jointly to Andrew Gelb, EMEA head of securities and fund services and Lee Waite, global head of DCC, Faber will be responsible for the management and development of Citi’s proprietary DCC network in 34 markets across the region.
Faber brings over 20 years of experience in banking and securities services. He joined Citi in 1989 as a relationship manager in the US and held various senior client facing and product roles including product manager for Citi worldwide securities services, and business development for the global clearing business. More recently, Faber was the head of the EMEA broker dealer segment and became EMEA head of financial intermediaries in 2009.
Faber’s appointment coincides with others in the custody global organisation. Jeff King and Karen Price were appointed global co-heads of product development for global custody, direct custody and integrated custody. King will handle international product development (ex-Americas) while Price will look after the Americas. King and Price will report to Waite and Chandresh Iyer, head of global custody.
“The EMEA region is a critical one for Citi’s global direct custody and clearing franchise,” said Andrew Gelb, EMEA head of securities and fund services. “In light of the regulatory changes that will affect Europe in the coming years, ensuring the right leadership for DCC EMEA is a top priority. I am confident that Reto’s excellent track-record and long standing experience will further strengthen our platform.”??
The latest addition to the Citi DCC network came in November, when Citi launched DCC services for its clients in South Africa. The business now offers DCC services in four countries in Africa, including Egypt, Morocco and Nigeria.
Reporting by: Janet Du Chenne, Global Custodian, an Asset International publication