Citi has appointed Joseph Chang to head of prime finance in Asia-Pacific, replacing David Murphy, who takes on the same role for the bank in the Americas.
Chang has been promoted from regional business manager for Citi’s equities franchise in Asia. It is understood that there will be no replacement, with duties being assumed by existing team members.
Chang replaces Murphy, who is relocating to the US to take on the role of head of prime finance for the Americas – effectively a lateral move, but servicing a larger hedge fund market.
It sees Murphy returning to New York, where he worked in the 1990s, later moving to Asia while working at Deutsche Bank.
Murphy’s nine-year stint at Deutsche, where he last served as head of prime finance for Asia, ended in 2011 when he joined Citi.
Chang had previously served as Asia-Pacific head of equity trading at Citi. Prior to joining the bank in 2009, he had been co-head of Asian equities at HSBC and before that he spent nearly a decade at Merrill Lynch, where he was head of derivatives trading in the region.
One notable aspect of his promotion is that of the 10 biggest prime brokerages in Asia, Chang becomes the only ethnic Asian in the top role. Citi is the sixth-largest prime broker by AUM market share in the region, with a 6% share as of December 2012, according to data provider Eurkeahedge.
In his new position, Chang will oversee prime finance, futures and prime finance delta one activity in the region, based in Hong Kong. He will report to Nick Roe, global head of prime finance, and Nadir Mahmud, Asia-Pacific head of markets.