Citigroup plans to grow its Asia-Pacific prime brokerage staff by roughly 10% in 2026, according to company announcements made this month [1, 2]. The bank is hiring across front-office and technology roles, with emphasis on Singapore and India, to support expansion efforts there. "The expansion centres on Singapore and India, where the bank is hiring across front-office and technology roles to bolster its global platform," said Sue Lee, Citigroup’s head of markets for Asia South [1].
Citigroup aims to increase its global prime brokerage balances to more than US$700 billion by 2028, up from US$450 billion in 2025 [1, 2]. The company reported a record quarterly increase of over 50% in global prime balances in Q1 2026, driven significantly by growth in the Asia-Pacific region [1, 2]. This increase was fueled by both existing clients expanding positions and new clients onboarding, with notable equity flows into China, Hong Kong, Korea, and Taiwan, much of it focused on AI and technology themes [1, 2].
Citigroup’s prime brokerage business, which lends cash and securities to hedge funds for trading, has lagged some competitors but the bank is trying to close the gap by strengthening its equities franchise and expanding its team [1, 2]. Key competitor staff have been recruited, including Jignesh Patel from Goldman Sachs and Laiman Wong from UBS [1, 2]. After making these key front-office hires last year, Citigroup is now focused on "filling the gaps" in its team to support further growth [1, 2].
Paul Smith, Citigroup’s head of markets for Japan, North Asia, and Australia, said clients continue to onboard multiple prime brokers as they seek more choice in prime relationships. He noted, "The bank has been investing in coverage, balance sheet as well as its platform," to support the expanding prime brokerage business [1].
There is strong demand from quant and multi-strategy hedge funds to invest in China, further boosting prime brokerage activity in the region [1]. Citigroup is targeting balanced growth across front-office teams and technology to sustain its global platform for prime brokerage. The company will continue to build staff capacities in Asia-Pacific throughout 2026 to support its ambition of expanding prime brokerage balances worldwide.
Citigroup publicly announced its staffing plans on May 14, underscoring its concerted effort to grow in key Asia-Pacific hubs this year [1, 2].
