In this role, Elizabeth will oversee the company’s regulatory and governance risk management and will be responsible for managing portfolio risks and providing robust oversight of our lending and counterparty credit risk activities.

Elizabeth is an experienced banking executive with 23 years’ experience in Risk Management and Corporate Banking. She joins from J.P. Morgan where she most recently served as a Relationship Executive in its Corporate Bank. Prior to this, Elizabeth was J.P. Morgan’s Head of Credit Risk for Australia and New Zealand.

Citi Australia and New Zealand CEO Mark Woodruff said, “I am excited to welcome Elizabeth to Citi. Elizabeth brings great experience to this role and has a deep understanding of the local client and regulatory landscape. I look forward to her contribution to our leadership team and her contribution to the local and global franchise.”

Elizabeth will be based in Citi’s Sydney office and will report to Mark Woodruff, CEO Citi Australia and New Zealand and Ashish Sethi, Head of Japan, Asia North & Australia (JANA) Cluster & Banking Risk.

Commenting on her appointment, Elizabeth said, “I am delighted to be joining Citi and look forward to leading Citi’s best in class governance and risk management environment to deliver great outcomes for clients.”

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Mark Woodruff

Global investors who collectively manage over AU $27 trillion in assets under management have travelled to Sydney to hear the Australian Treasurer and other senior government ministers, the RBA Deputy Governor, regulators and Australian CEOs showcase key investment opportunities in Australia.

Hosted on Friday by Citi in collaboration with the Australian Government, the 2024 Citi A50 Australian Economic Forum welcomed almost 100 senior participants.

Attendees included representatives from some of the world’s largest fund managers from the US, Canada, Europe, Japan, Malaysia and Singapore and top domestic investors including the largest superannuation funds and asset managers.

Panels chaired by ministers, and including CEOs of Australian companies, discussed investment opportunities in the following key sectors: energy transition and climate change, housing, manufacturing and technology, and critical minerals.

The forum also delivered an update on the regulatory state of play from the Chairs of the ACCC, ASIC, APRA and FIRB.

“Global investors want transparency and certainty on the investment environment in Australia. This includes clarity on regulation and policy stability,” said Citi Australia CEO Mark Woodruff.

“Investors are also calling for proactive government and regulatory engagement to help mitigate challenges around regulatory settings, skills shortages, greenfield expansion and geopolitical risk,” Mark continued.

“At the A50 forum, government addressed these concerns directly. It was clear across all discussions that given the right framework and government support there is significant appetite for long-term investment in Australia.

“Australian business leaders need to ensure we highlight the tremendous opportunity for long term growth in Australia, in an outright and relative sense,” Mr Woodruff added.

The forum featured keynote addresses from Australian Treasurer, The Hon Dr Jim Chalmers MP on why Australia is a compelling and essential investment destination, particularly in an uncertain and unstable world, and recently appointed Deputy Governor of the Reserve Bank of Australia Andrew Hauser.

Other government representatives contributing to the event included Minister for Climate Change and Energy the Hon Chris Bowen MP, Minister for Industry and Science the Hon Ed Husic MP, Minister for International Development and The Pacific The Hon Pat Conroy MP, Chair of the House Economics Committee Dr Daniel Mulino MP and Assistant Minister for Regional Development Anthony Chisolm.

Also in attendance was Australia’s Consul-General in New York, Heather Ridout AO. Commenting on the forum Ms Ridout said, “Australia stands out as an investment destination, with a robust economy, strong governance structures and a highly skilled workforce that can serve as a fantastic gateway to Asia.

“By directly connecting investors with government, and facilitating frank conversations, the A50 forum is helping to catalyse investment opportunities in Australia.”

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Citi RTF enables the automated movement of funds between cross-border accounts based on pre-defined rules set by the client, helping them ensure that cash is available when and where it’s needed. Benefits of the solution include:

• automated and instant funding between intercompany accounts on a 24/7 basis, including intraday, afterhours, weekends and holidays
• reduced need for account buffers, prefunding and borrowing
• timely and automated release of payments, domestically and across borders
• consolidated view of intercompany loans and cash positions in one report.

“With the introduction of Citi RTF, Citi continues to deliver best-in-class, real-time treasury solutions to help our clients remain competitive and agile,” said Stephen Randall, Global Head of Liquidity Management Services, Citi Services. “With the proliferation of instant payments and evolving business models, treasuries must be able to support rapidly growing, 24/7 cash flows. Citi RTF complements our existing treasury products like Real-Time Multibanking, On-Demand Sweeps and Real-Time Liquidity Sharing that are powering our clients’ journeys to real-time liquidity management.”

Citi RTF is a differentiated offering that can help corporate treasurers optimize liquidity and make funding decisions with real-time data, while also automating traditionally manual processes for 24/7 account monitoring and complex cash forecasting to support their operations. The solution may be especially beneficial for companies with a lean treasury team or a centralized liquidity structure, helping them to maximize treasury efficiency and performance.

Citi’s comprehensive suite of liquidity management offerings provide cross-border and cross-currency cash pooling solutions across its global network. With the addition of Citi RTF, Citi continues to bring innovative solutions that are designed to address the evolving needs of corporate treasurers and enable their businesses to compete in an increasingly 24/7, real-time world.

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Mark England

Leading wealth platform and provider of investment administration and managed account solutions, Mason Stevens Limited has announced it has appointed Citi Securities Services to provide it with custody and integrated execution services.

This appointment comes at a significant time for Mason Stevens as it looks to expand its wealth platform offering to deliver premium wealth management solutions.

“Citi is thrilled to be partnering with Mason Stevens as they continue to develop their investment administration and managed account solutions,” said Mark England, Citi Australia and New Zealand Head of Securities Services.

“Citi has worked with Mason Stevens for several years across Global Markets execution and research services. By expanding our partnership to include securities services, we can help drive efficiencies and support growth by delivering an integrated set of solutions,” added Mr England.

Commenting on the appointment, Mason Stevens’ CEO and Executive Director Tim Yule said: “We recognise Citi’s experience and reputation as a global custodian, supporting our capability in accessing all major global markets. We already have an existing relationship and system connectivity with Citi for international listed securities and trust this partnership will help better serve our valued client base.”

“We are on a strong growth trajectory and are always looking to invest in new solutions to provide better investment outcomes for our clients. We are 100 per cent focused on what we do best and engaging partners, like Citi, to leverage their capabilities where we need to,” Mr Yule continued.

Citi Securities Services Australia has experienced significant expansion in recent years, particularly in the wealth platform and funds management sectors.

“With a great deal of experience, honed over the past couple of years, Citi’s ambition is to provide certainty for clients by ensuring the onboarding process is simple and efficient — a singular focus we know that clients demand. Once onboarded, clients have access to our full range of investor solutions, as well as exceptional client support and market-leading expertise,” said Mr England.

With approximately USD$26.2 trillion^[1] of assets under custody, administration and trust worldwide, and a leading proprietary network spanning more than 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the ground local market expertise, innovative post-trade technologies, customised data solutions, and a wide range of securities services solutions that can be tailored to meet clients’ needs.

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[1] As of 31 December 2022.

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Citi Australia’s Head of Community, Sponsorship, and Engagement, Louise Lindsay, said Citi, globally, had a long history of addressing racial equality and was proud of local efforts to elevate the voice of Indigenous Australians.

“It’s great to be partnering with Bangarra and the Minderoo Foundation and to welcome them as our newest partners. Both organisations are making great strides to create economic opportunities for Indigenous Australians, while also celebrating the incredible culture and achievements of our First Nations people,” Ms Lindsay said.

Bangarra Dance Theatre is a leading Australian performing arts group promoting awareness and understanding of Indigenous Culture. For more than 32 years, Bangarra has been working with Indigenous dancers to bring the stories of First Nations Communities to life.

“Bangarra is internationally renowned for its breathtaking, creative works, which not only showcase exceptional talent, story-telling, and technique but bring Indigenous culture to life for the audience. Through our partnership with Bangarra, we aim to support in this mission of creating inspiring Aboriginal and Torres Strait Islander experiences that promote awareness and understanding of culture. We look forward to sharing this with our clients, colleagues, and broader community.”

Citi Foundation is supporting the Minderoo Foundation’s Generation One Youth Co:Lab initiative, which supports Indigenous entrepreneurs through capital, mentorship, and training. Minderoo’s Dream Venture Masterclasses have already trained more than 120 Indigenous business owners and through Youth Co:Lab will this year expand to offer a youth program.

“Youth Co:Lab is the largest youth social entrepreneurship movement in the APAC region, and we are excited for Citi Foundation to co-lead this work with the United Nations Development Programme (UNDP). Working with Minderoo Foundation we can bring this highly successful program to Australia. Through the masterclasses we hope to equip Indigenous Australians with the connections, capabilities, and access to capital to become investor ready. We have a wealth of knowledge and experience in this area at Citi and it will be a great opportunity for our team to connect with and mentor the next generation of business leaders.”

In its 47th year of celebrations, NAIDOC 2022 celebrates the proud history of Indigenous Australians getting up, standing up, and showing up.

“At Citi, we recognise the role and responsibilities we have as a global financial leader to support diversity and inclusion and strive for economic equality. We look forward to working with both Bangarra and the Minderoo Foundation to showcase the history and heritage of Indigenous Australia,” Ms Lindsay concluded.

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Rob Jahrling

Citi has announced the appointment of Managing Director Rob Jahrling as sole Head of Equity Capital Markets (ECM) for Australia and New Zealand.

Rob, who has been co-head of ECM since 2021, has been central to the success of Citi’s ECM business in Australia & New Zealand which has led a number of major strategic equity raisings for clients in recent years including, Air New Zealand, Sandfire Resources, IGO, National Storage REIT, Shopping Centres Australasia Property Group, and NEXTDC.

He has also led the success of Citi Australia’s block trade business, which has rapidly grown to be the market leader in underwritten ECM block trades by both market share and deal volume, in the last 12 months. Recent transactions include Sumitomo Chemical’s block in Nufarm, Jacobs Engineering’s block in Worley, and Mubadal’s block in Oil Search.

Rob’s strategic equity market insights have also been valuable in connection with various public M&A assignments that Citi has advised on including BHP’s successful US$165bn unification, the US$16bn merger between Santos and Oil Search, and the US$10bn demerger by Woolworths of Endeavour Group.

Rob will continue to report locally to Alex Cartel, Head of Citi’s Banking, Capital Markets and Advisory function, which encompasses all of Citi’s corporate advisory, capital markets and lending business in Australia and New Zealand, and to Douglas Adams and James Fleming, global co-heads of Citi’s ECM business.

Commenting on the promotion Alex said: “Rob has successfully executed on a range of significant equity offerings in recent years and I’m delighted to have him lead our Equity Capital Markets function. Citi’s clients value Rob’s strategic advice and his deep relationships with key domestic and global institutional investors who provide market sentiment that underpins our successful origination and execution business.”

Rob joined Citi in 2010 as Head of Equity Syndicate, before being appointed Co-Head of ECM in January 2021.  He holds a Bachelor of Business Management from Monash University and has completed additional executive education at Cambridge, Oxford, Harvard, MIT, Stanford and Yale. He is a triple Olympian in rowing and a silver medalist from the 2000 Sydney Olympics.

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Mark England

Citi Australia has named Mark England as the new Head of its Securities Services business in Australia and New Zealand, following the retirement of long-serving executive Martin Carpenter.

England is currently based in Hong Kong and is APAC Co-Head of Sales for Citi Securities Services. He will relocate to Australia, where he will assume the role of leading the Securities Services function for Australia and New Zealand while retaining his existing regional responsibilities.

Citi Australia and New Zealand CEO, Marc Luet, said England’s industry experience and knowledge of the Citi business will be a great asset as Citi Australia strengthens its leadership position and growth plans in the securities services sector.

“Mark is one of the most senior leaders in the Securities Services business, with 20+ years’ experience in different roles across New York, Dublin, London, and Hong Kong. With a significant number of additional opportunities ahead of us in Australia, we are delighted to be able to locate a senior regional role out of Sydney as a demonstration of our ongoing commitment to the market,” Mr Luet said.

“We are entering a pivotal time in our business, allowing us to concentrate our resources where we can add the most client value. Securities Services presents a strong opportunity for growth as we enter a new chapter in our business, and we will continue our investment in people, technology, and processes to further cement our leadership position in the local market.”

Martin Carpenter has been with Citi Australia for more than 16 years and has led the Securities Services franchise across Australia and New Zealand for 13 years, overseeing a fantastic period of transformation and growth. Most notably, Citi Australia’s client transfer agreement with RBC, which was completed in March of this year, welcoming 26 new clients and 140 new staff to the Securities Services team.

“Martin has overseen a tremendous period of growth and development in our business in Australia,” Mr Luet said. “From a sub-custody only focused business employing approximately 30 staff at the start of his tenure, Securities Services is now a multi-product franchise, employing upwards of 340 staff onshore and offshore, ranked #2 in the industry, and generating significant revenues.

“The success of this business is a testament to Martin’s character and hands-on leadership approach. Martin has played an integral role in Citi’s business for almost two decades. We thank him for his dedication and commitment to success and wish him well in the next chapter of his life.”

Carpenter will retain his full responsibilities pending regulatory and compliance approvals for England’s appointment, which is expected to be finalised within the third quarter.

With approximately $29.9 trillion of assets under custody and administration and an industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customised data solutions and a wide range of custody and fund services that can be tailored to meet clients’ needs.

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Citi welcomes Howard Ilderton who recently joined the bank as Head of Linear Product and Trading for Australia and New Zealand. Howard rejoins Citi from Credit Suisse where he was leading the Japan Prime and APAC Securities Lending team. Prior to these positions, Howard was part of Citi’s Prime and D1 team from 2007 to 2014.

Senior trader Will Buttigieg will join Citi’s Equity Trading team in July, after 17 years at UBS in Sydney where he has held various trading roles in Equity Derivatives and Facilitation. Norbert Wong will join Citi’s Prime Services team in mid-June in a client facing stock loan and Delta 1 sales role. Norbert has held previous roles at Credit Suisse and Macquarie Bank and is highly regarded by both local and regional hedge fund clients.

Allan Newsome has joined Citi’s Low Touch Electronic Execution team after relocating from Citi in Hong Kong where he has been working in Citi’s Prime team, responsible for regional hedge fund clients. Allan’s worked in London and Hong Kong in both buy and sell side roles and will provide additional capacity as Citi expands on its diverse and growing client base.

Research analyst Howard Penny has joined Citi’s highly regarded Real Estate team. He joins from Anchor Capital and has extensive experience spanning the primary and secondary markets with roles at Morgan Stanley and Macquarie Bank, and as a Portfolio Manager with Anchor in South Africa.

Tom Wallington has joined Citi’s Industrials Research team. Formerly at Forecast Global, specialising in commercial energy modelling and data analysis, Tom also worked at AME Group as a Natural Resource and Energy Research Analyst.

Other hires into Citi’s Research business include Jacob Loi, who has joined Citi’s Technology team. Jacob was formerly an Investment Analyst with VFMC’s External Mandates Equity team, and Donna Fu, who joins Citi’s top ranked Insurance Research team. Donna joins from PWC where she is a Senior Associate in the Actuarial Consulting division.

Commenting on the appointments; Citi Australia’s Head of Equities Daniel Young, said: “Citi is continuing to make significant investments including building out our non-cash and trading capabilities, ensuring we have the experience, skills and capacity to meet the increasing activity from our clients.”

These new hires follow Citi’s recent appointment of Niki Ashton as Managing Director and Senior Relationship Manager to help meet increased client activity with a focus on the superannuation sector.

The super sector is a key area of focus for Citi’s Markets business and is providing increasing opportunities in both local and offshore markets as funds internalise their investment function and seek exposure in international markets.

Citi’s Markets and Securities Services division provides products and solutions for corporates, institutional investors, and governments through underwriting, structuring and sales and trading across all asset classes, sectors and industries. It is one of the largest brokerages in Australia.

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Nicki Ashton has been named Senior Relationship Manager and will join the bank’s Markets function to help meet increased client activity, with a focus on the superannuation sector.

Ms Ashton has a wealth of experience across banking and asset management, with more than 25 years’ experience in financial services. She is a Citi alumna, having worked previously in the bank’s equities and trading business before moving to asset management, where she has held several management positions, most recently with IFM Investors and Pendal Group.

Commenting on the appointment, Head of Investor Sales for Citi Australia and New Zealand, Mark Woodruff, said Ms Ashton’s significant industry experience would be integral to cementing Citi’s leadership position in the superannuation and asset management sector.

“It’s great to welcome Nicki back to Citi, where she will be responsible for the growth of some of our largest clients, particularly within the superannuation sector,” Mr Woodruff said.

“The super sector has been a key area of focus across the markets platform and continues to provide increasing opportunities in both local and offshore markets as the funds internalise their investment function and seek to increase exposure to international markets.

“Nicki will work closely with product partners and the global relationship management team to ensure Citi remains a top tier global counterparty for this sector.”

Commenting on her appointment, Ms Ashton said: “I am thrilled to return to Citi. Throughout my career I have forged long-standing relationships and networks across the finance and super industries, and I look forward to leveraging this as we grow our footprint in the super sector.

“As the sector’s funds under management increases, it will be vital to work with global leaders, like Citi, who can leverage its global footprint and expertise in markets and capital management to diversify holdings, secure strong returns, and manage risk,” Ms Ashton concluded.

In addition to her leadership role, Ms Ashton also acts as a Non-Executive Director in a number of Australian charities.

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Hannah Oakhill

Hannah Oakhill has joined Citi Australia as its new Head of Retail Banking and Wealth Management, as the business enters a pivotal stage in its transition to NAB.

Oakhill joins the business from BT where she led Distribution and Customer Experience for BT’s direct wealth business. She has more than 20 years’ experience in financial services, including roles at Westpac and Macquarie, and has broad knowledge across banking, mortgages, wealth management, life insurance and credit cards.

Commenting on the appointment, CEO of Citi Australia’s Consumer Bank, Alan Machet, said he was confident Hannah was the right person to join Citi’s consumer leadership team at this critical time.

“I am thrilled to welcome Hannah to our business, where she will lead our retail bank and wealth functions as we enter a crucial stage in our transition to NAB,” Mr Machet said. “I worked with Hannah during my time at Macquarie and Westpac and know her to be a people-first leader who focuses on delivery and strives for business outperformance.

“Hannah’s appointment signals the commitment both Citi and NAB have to our successful transition and continued business growth, and Hannah will play a key role in our success as we navigate our new business operating environment.”

Oakhill joins the business at a time of strong growth, particularly in mortgages, which has seen record performance of almost 15%, or 2 x APRA system growth, the second strongest of all Australian lenders^[1] .

Commenting on joining Citi Australia, Oakhill said: “I am delighted to be joining such a strong performing business, which is underpinned by a widely-held customer-first approach.

“I am looking forward to working with NAB on the transition of the Citi retail banking and wealth management businesses and will be heavily focused on the customer migration strategy and supporting the team as they move across into NAB.”

Prior to Oakhill’s appointment, Richard Wilde was the Acting Head of Citi Australia’s Retail Bank and Wealth Management function. He has returned to his role as Head of Digital, Delivery and Client Experience, where his 30 years.

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[1] As at Q4 2021 2/2

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