Citigroup has hired a managing director from Bank of America to bolster its corporate broking business as it continues to build out its UK investment bank.
Richard Abel has joined the US bank as a managing director in its UK broking team, according to people familiar with the situation. He is a 17-year veteran of Bank of America and is set to join Citi in July.
Abel will report to Peter Brown, who was installed as head of corporate broking at Citigroup as part of a wider shake-up of its UK and Ireland banking, capital markets and advisory leadership. A bank spokesperson confirmed the hire.
“Richard’s appointment is another step forward as we progress our ambitions to expand our UK&I BCMA franchise and footprint,” said James Fleming, co-head of BCMA for the UK and Ireland at Citigroup.
Abel recently advised on the £380m IPO of Baltic Classifieds Group last year and the £440m listing of fintech firm, Funding Circle in 2018.
Fleming took over the leadership of Citigroup’s UK and Ireland BCMA unit alongside Jan Skarbek in July, after bank veteran Michael Lavelle moved to become chair of Europe, the Middle East and Africa capital markets. Brown was also installed as head of UK corporate broking as former head, Andrew Seaton, moved to become chair of UK and Ireland BCMA.
Corporate broking is a largely British phenomenon, where bankers offer advice to the C-suite of UK plc, often for a nominal fee, with one eye on more lucrative investment banking transactions.
Deutsche Bank has made a string of appointments to its corporate broking business in recent months, after poaching Lewis Burnett from BNP Paribas to head up the unit in December.
Citigroup has been bolstering its UK investment bank under Fleming and Skarbek. James Ibbotson was hired as a managing director in its UK investment banking team from Deutsche Bank in September, while Simon Lindsay rejoined the bank as a managing director covering the UK market, after a three-year hiatus as director general of the UK Takeover Panel.
To contact the author of this story with feedback or news, email Paul Clarke