Equity derivatives sales and trading experts wanted in South Africa
Citgroup, by far South Africa's largest foreign bank, is not resting on its laurels. It is stepping up its recruitment drive in line with its stated long-term goal to generate half of its revenues in emerging markets. Citi chairman Dick Parsons this week described Africa, in particular, as a "sweet spot" and a "huge, high-margin opportunity" for the group.
In its latest move the US bank has strengthened its equity derivatives sales and trading team, poaching two people from South African firms. Luzuko Tashe, who used to work for Investec and then for Cadiz, a local derivatives broking house, joins Citi's equity derivatives sales division in Johannesburg. Shiran Samuel, until now head of index derivatives at Investec, joins Citi to trade Delta 1 products. Both new recruits will report to Quintus Kilbourn, head of SA equities.
"We have been working to build an emerging markets equities business to leverage off our strength in FX and local markets," says Farhan Mehregani, Citi's head of Ceemea equities. "Over the past two years, we have improved our equity cash execution and advisory franchise dramatically and more recently our focus has been to grow our derivatives capabilities." Mehregani also said that, while Citi has admittedly been losing key people in its European investment banking division, in emerging markets it has a 95% retention rate and is constantly on the look-out to find talent to recruit.
Experts say Citi is certainly not the only bank in SA seeking to beef up its equity derivatives firepower, as there is a general belief that market volumes in derivatives will rebound in the next few months. "There definitely is a general ramping up of hiring in this field," says Mike Atter, SA country manager for Robert Walters Professional Recruitment Services. "A couple of international banks as well as local banks have been increasing hiring and trying to poach from each other. They are all trying to get experience and there are not many people with the right skills, so there is a lot of competition."
