In response to the growth of the Singapore hedge fund sector, Citigroup has announced plans to open a prime brokerage department this month in Singapore. It will handle sales and client servicing with stock borrowing being carried out by CitigroupÆs Hong Kong office.

Alexis Fosler will run prime brokerage sales in Singapore. She has been working in the offshore banking industry in the British Virgin Islands and previously worked in Hong Kong in equity sales/research for SBC, UBS and Credit Suisse. The name of the member of staff who will handle client servicing in Singapore is yet to be announced.

The prime brokerage operation will complement CitigroupÆs recently established hedge fund administration department, which is managed in Singapore by Eric Tan.

ôWeÆre setting up in response to the trend of people setting up hedge funds in Singapore, by actually being on the ground there, we will be better positioned to proactively provide services,ö says Hannah Goodwin, managing director of CitigroupÆs equities prime brokerage operation in Asia.

Additionally in Singapore, since September 2006, Citigroup has had a hedge-fund sales team staffed by Charles Blake and Raj Kapoor. They talk to approximately 20 hedge funds in Singapore, presenting their research that is specially tailored to hedge fund deal ideas.

Citigroup set up its Asian prime brokerage department up in April 2005, and has now built a staff of 34 people.