Nomura loses Russell to Citi ADR team

David Russell has left Nomura Securities, where he had been executive director of debt capital markets, to join Citigroup as regional sales director for depositary receipt services in Hong Kong.

Russell spent two years at Nomura, where he reported to DCM head John Keith. Prior to that he was head of capital markets at Daiwa SBCM, overseeing both equity and debt.

At Citi he replaces George Faux, who has been promoted and moved to London with the bank’s agency and trust business. Russell now reports to Kurt Schneiber, managing director for depositary receipts in New York. Russell overseas a team of six spread throughout the Asia Pacific region.

Citigroup is one of four depositary banks (the others are Bank of New York, Deutsche Bank and JPMorgan) that handle American or global depositary receipt programs. Any DR issuer requires a bank to process any trades creating or redeeming depositary receipts into or out of the underlying shares in the issuer’s home country. Russell’s job will be to drum up business from Asian issuers, regardless of the underwriter.