Citi has established a new origination function for its transition management business in EMEA, which will actively seek mandates across asset classes.
According to an internal memo seen by theTRADEnews.com, the new division will work alongside the bank's Pension Solutions Group to provide services including portfolio optimisation, interim portfolio management and synthetic beta management. The unit will seek transition management mandates across equities, fixed income, FX and derivatives and will complement existing origination functions in New York and Sydney.
The new team will be led by Steven Dalzell, who joins Citi from asset manager BlackRock, where he was head of the firm's transition management business in EMEA. Dalzell will report to James Harris, head of portfolio trading.
Andrew Cooper, who previously left Citi to join financial services group BNY Mellon's transition management team, will also join the origination division, reporting to Dalzell.
According to the Citi memo, the firm expects to see a greater number of transitions by asset owners, such as pension funds and local authorities, which are increasingly looking to differentiate the asset managers they use because of current market conditions.