Citi has moved its head of rates sales for Europe to North America to lead its prime, futures and securities service (PFSS) business for the region.
Cedric Pauwels takes on the role after leading its European sales for G10 rates, credit and SGM for over nine years.
“We believe Cedric’s broad leadership, sales and product experience, as well as his granular approach to management will be invaluable in continuing to drive the growth of PFSS products, build scale in our platforms and improve our tier position with our clients,” according to a Citi internal memo seen by Global Custodian.
Pauwels will report to Okan Pekin, global head of prime, futures and securities services, and Lee Waite, head of North America markets and securities services.
His previous role will be split along G10 rates and credit/GSM product lines and the replacement process will be carried out in due course, according to the memo.
Pauwels replaces Shamir Khaliq, its former North America regional head of investor services, who will instead focus on his role as global head of direct custody and clearing (DCC).
Citi created the PFSS division in 2017 after combining the DCC business with investor services. It has since brought in the prime and derivatives businesses into the umbrella unit.