Citi Private Bank has hired Roger Bacon from Union Bancaire Privee’s hedge fund business in London to take on a newly created role as head of managed investments (MI) and advisory for Asia-Pacific.
Bacon, who has already started in Hong Kong as a managing director, will be responsible for MI product sales, tailored portfolio origination and sales, and regional MI product administration in the region.
In addition, he will help to coordinate regional activities associated with traditional funds research, alternatives research, operational due diligence and tailored portfolio management.
The US bank has recently increased its focus on managed investment products and sales in the region. It is striving to develop its capabilities in research and due diligence, fund advisory, asset management and after-sales support, targeting a strong on-the-ground presence.
Bacon reports to Debashish Dutta Gupta, Citi Private Bank’s Asia-Pacific head of investments, who notes: “Managed investment activities in Asia are central to the build-out of our investments platform globally.”
Only last month, Citi Private Bank moved Manav Abrol from Geneva to Singapore to run its investment advisory and sales team for South Asia. He replaced Jennifer Tay, who remained in Singapore to run the investment advisory and sales team for Asia-Pacific. Her coverage includes mutual funds, hedge funds, private equity and real estate and she now reports to Bacon.
Just a few days later, Citi announced it had appointed Paul Hodes as its Asia-Pacific head of wealth management products for its regional consumer bank, in a drive to boost sales of investment products to wealthy Asians. Hodes had been head of its Malaysian retail bank.
Hodes also took on the dual role of Asia-Pacific head of traditional managed investment products for its wealth management business, leading the sale of these products to high-net-worth individuals. The last person to hold this role at Citi was Stella Chua, who left the bank some time ago.
The US bank notes that Hodes has a wider role than Bacon, as it also includes consumer bank wealth management. Bacon is strictly focused on Citi Private Bank.
At Union Bancaire Privee’s hedge fund business in London, Bacon helped build a multi-billion dollar discretionary and advisory customised hedge fund business targeting ultra-high-net-worth individuals, family offices, institutions and sovereign wealth funds.
In 2003 he joined a UK family office to set up and manage a multi-asset class investment programme comprising mainly equities, fixed income, commodities, hedge funds and private equity.
Prior to that Bacon spent 10 years with JP Morgan Asset Management and its predecessor companies, including Jardine Fleming, working in the UK, continental Europe and Asia in various relationship management, equity analysis and portfolio management positions.