Citi Securities Services has appointed Mike Hughes as global head of custody product development.
Based in London, Hughes will report to Matthew Bax, global head of custody. He will be responsible for driving Citi’s custody strategy across all its proprietary markets and global models.
He will work with the client, technology and operations teams to meet Citi’s product suite and client acquisition goals.
Hughes has more than 20 years of experience in the financial industry, specialising in cash, trade and securities. Hughes spent more than 17 years at Deutsche Bank where he held a number of senior roles, including global head of fund services and head of global transaction banking for the UK and Ireland.
He was also head of alternative fund services for EMEA and Asia between 2006 and 2010. During this time, Hughes helped to set up Deutsche Bank's MENA global transaction banking franchise, headquartered in Dubai.
Hughes joins Citi from the independent administrator Ocorian, where he was a global head of services lines and a member of the board.
Prior to that, Hughes was at J.P. Morgan where he led the bank’s global custody business.
Commenting on Hughes’ appointment, Bax says: “Mike is a well-known global industry leader and has an outstanding track record on delivery and execution. We wish him all the success in this new strategic role.”
