Citigroup named a new head of its investment banking unit covering private equity firms and other alternative asset managers in Europe following the departure of former boss, Alexis Maskell, to the buy-side.
The US bank has also bolstered its alternative assets group in Europe with the appointment of former Credit Suisse executive, Didier Denat, as chairman of the unit as it aims to gain market share from rivals in the region.
Theo Giatrakos, an 11-year veteran of the US bank, has been named head of the alternative assets group in Europe, the Middle East and Africa, according to an internal memo seen by Financial News. He replaces Maskell, who quit in March to join $40bn British private equity firm, BC Partners, as global head of investor relations.
“The $20 billion global wallet in Alternative Assets represents a large and high-growth opportunity for Citi to capture significant market share across advisory and financing products and corporate services,” said the memo announcing the appointments from Citi’s global co-heads of AAG, Anthony Diamandakis and John Eydenberg, and head of banking, capital markets and advisory in Emea, Philip Drury.
The alternative assets group at Citi is often called financial sponsors at other investment banks. Dealmakers in the unit work with private equity funds and other investment firms on capital raising and mergers and acquisitions transactions.
Denat has held numerous senior roles during two decades at Credit Suisse, which he left in December last year. he was latterly head of corporate banking and a member of its executive board, but also headed up its leveraged finance and sponsors unit in Emea. He rejoins Citi, having previously worked as a director within its leveraged finance unit.
Giatrakos was latterly head of central and south east Europe investment banking at Citigroup.
Citigroup ranked eighth by global financial sponsors revenue last year, according to data provider Dealogic, making $869m. In Emea, it ranked fifth, with $191m in revenue.
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