Citi has launched a new organization within its markets & securities services division to develop and implement a global retail client and product strategy. The new unit will cover the 'structuring and distribution of all markets flow and non-flow products, delivery of suitable and relevant content to retail distributors and investors, and overall development of a robust retail product platform', according to an internal memo seen by SRP.

The move responds to the need of creating private wealth globally as one of the 'key drivers of growth in the asset management and private banking industries' which Citi has identified as one of the division's 'main priorities' in order to capture growth opportunities in this segment, according to Citi.

The bank has made a number of senior management internal appointments to its retail business which covers internal and third party retail clients which serve high-end investors in the mega-wealth, ultra-high-net-worth and high net-worth segments, including single and multi-family offices, and the broader retail space. The new unit is headed by Eduardo A. Martinez Campos (pictured), global head of retail, markets & securities services, Citi.

Barbara Mullaney, global head, private client solutions at Citi, has been appointed head of retail relationship management & business development, with responsibility for developing and executing  a 'clear and ambitious' client management strategy aimed at enhancing the relationship between markets & securities services business and platinum and priority retail clients globally.

In her new role, Mullaney will focus on the top global retail distributors and will be responsible for developing 'strategic alliances' with major retail product distributors in the most relevant global markets. She will also act as Citi's senior representative in key industry and regulatory initiatives globally. Mullaney will report to Martinez Campos and to Anu Jayanti, global head of relationship management for investor sales.

Iain Armitage, recently appointed global head of capital markets for the private bank, has been appointed head of retail internal channels sales, and will expand his responsibilities to include the global distribution of markets & securities services products and solutions to the global consumer bank.

Armitage will act as the sole head of the markets / Citi Private Bank joint venture and will report to Martinez Campos and David Bailin, global head of investments for the private bank which is the 'single largest client' for the markets business. In his new role, Armitage will be responsible for both markets and the private bank. Armitage has also been charged will heading the bank's efforts 'to ensure we provide the same level of service to the global consumer bank', capitalising on its 'technology platform and product resources' for internal clients.

Lastly, So-Yon Sohn has been appointed head of retail third party sales and will be responsible for the distribution of markets & securities services products and solutions to all third party retail clients globally. Citi's creation of a specific global sales organization for third party retail clients is aimed at ensuring that it has the 'right level of coverage and accountability' to deliver 'products and services and content to all non-internal retail clients'. Citi is seeking to become a 'top 3 distributor of retail products globally in the third party distribution space'.

In addition to regional sales and product sales, Sohn will be responsible for establishing the 'client segments by region and product, designing the coverage model, and developing a balanced scorecard to measure sales performance by sales person and sales units'. Sohn has also been charged with developing the 'right metrics to assess size of market wallet and Citi market share'. Sohn will report to Martinez Campos.

All roles reporting into Mullaney, Armitage and Sohn will have joint reporting lines into regional sales and product organizations, as well as any other relevant functions, stated the memo.

Citi's markets & securities services' retail investor segment is comprised of internal distribution channels (Citi Private Bank and Global Consumer Bank) and third party clients including private banks, bank-owned retail distribution arms, regional broker dealers, US wire houses, registered investment advisors (RIAs), independent advisors, and robo-advisors.

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