September 2, 2011 / 3:11 AM / 8 years ago

Citi poaches Deutsche's Murphy in Asia prime broking push -memo

HONG KONG, Sept 2 (Reuters) - Citigroup Inc has hired Deutsche Bank AG’s (DBKGn.DE) David Murphy as head of its prime finance unit in Asia Pacific, according to an internal memo seen by Reuters, part of an expansion plan to gain market share in the fiercely competitive industry.

Murphy, a prime broking industry veteran, was Deutsche Bank’s Asia prime finance unit co-head.

Citigroup’s spokesman Godwin Chellam confirmed the contents of the memo to Reuters.

Prime brokers provide services such as clearing trades and lending money to hedge funds. (Reporting by Nishant Kumar; Editing by Ken Wills)

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