Awards for Excellence 2013: Best Emerging markets equity house
As new capital flows gain momentum, a renovated equity division is flourishing.
Best Emerging markets equity house: Citi
Also shortlisted: Credit Suisse and Goldman Sachs
A headline in financial journal Barron’s late last year posed the question: can emerging markets save Citigroup? Although nobody is saying that a largely resurgent Citi needs rescuing, if performance in emerging market equities over the past year is any proxy for future salvation, the answer to this particular teaser is a resounding yes.
The equities division at Citi has been under what senior management refers to as ‘renovation’ for the past five years. Throughout that time, the focus has been squarely on electronic trading and, in particular, on emerging markets.
Derek Bandeen, global head of equities at Citi, says: "My own belief is that emerging markets play a vitally important role. We go where the customer needs to go – where clients need us."
With emerging economies developing so quickly, it can often be unclear these days just how capital is flowing across the world and in which direction. As Bandeen puts it: "It is no longer about economic colonization.