- REUTERS/ Keith Bedford
- Citigroup has hired a former senior banker at Goldman Sachs.
- Taran Bakker joins Citi as a managing director in the bank’s Global Asset Managers group, where he’ll cover private equity, pensions, sovereign wealth funds, and family offices in North America.
- Buyout firms are a growing source of business for investment banks, and Citi has been maneuvering to claim more market share in the sector.
Citigroup has hired a former Goldman Sachs banker to work with private equity firms, pensions, sovereign wealth funds, and family offices in North America – a growing source of business for Citi and Wall Street more broadly.
Taran Bakker joins Citi’s Global Asset Managers group as a managing director, according to an internal memo seen by Business Insider. A Citi spokesman confirmed the hire.
Bakker joins from Goldman Sachs, where he did similar work as a managing director in the bank’s Financial and Strategic Investors group. He was promoted to MD there in 2013.
Bakker will report to Anthony Diamandakis and Christian Anderson, who were promoted to global co-heads of the Global Asset Managers group earlier this year.
The asset managers group at Citi was created in 2016 to focus its efforts at providing investment banking services to private equity shops and other similarly focused buyout investors, an area where Citi has lagged the competition in previous years. Coverage of such firms used to be spread across the bank, rather than via a dedicated team.
The sector is a booming source of fee income on Wall Street as PE firms’ dry powder has reached all-time highs and sovereign wealth funds and family offices have increasingly surfaced as competitors.
Fee revenue from buyout funds reached $8.8 billion in the first nine months of 2017, up 26% from 2016, according to data from Thomson Reuters.
Citi ranks 7th among the top banks in fees from this group, pulling in $424 million in the first nine months – up 33% from 2016.
In addition to Bakker, Citi hired Shawn Borisoff away from UBS in April serve as an MD in the Global Asset Managers group covering Europe, the Middle East, and Africa.
Bakker and Borisoff are among more than 20 Citi hires at an MD level or higher in its Corporate and Investment Banking division this year.
Citi ranks 4th on the league tables for investment banking revenues through the first nine months of the year with $3.8 billion, up 27% and one spot on the rankings from last year, according to Thomson Reuters data.