Citi to raise headcount at hedge fund unit

Financial services major Citigroup has expanded its hedge fund servicing unit Global Prime Finance Group in New York and London by adding 13 employees, says a media report.

The hedge fund servicing unit would be headed by John Nicholson, a former Barclays Capital executive, who would become the managing director in Citi's US trading team, the Financial Times reported.

Besides, Eric Hughson, a former Commerzbank executive, would be the managing director of Citi's European trading team, it added.

According to the publication, seven of the 13 new hired were formerly with Lehman Brothers, who moved on to Barclays Capital after the US bank's demise.

Citi has also hired five directors who earlier worked at Morgan Stanley.