Citi has formed a new collateral management services unit within its securities and fund services business that will offer clients with full breadth of collateral services including: exposure monitoring, margin calling, collateral optimization and rehypothecation.

Citi has also hired Rajen Shah as global head of collateral management services and Pierre Mengal as Asia regional head.

Mr Shah, in his new position, will be responsible for leading the development of a global collateral management services capability for Citi’s securities and fund services and will be located in London.

Mr Mengal will be responsible for collateral-related product developments for intermediary and investor clients in Asia and will be located in Singapore.

Prior to joining Citi, Mr Shah was product executive-global custody at JPMorgan Chase. During his 14 years with that firm, he held various positions, including product executive-clearance and collateral management, global head of operations-derivatives collateral management, EMEA head of operations-derivatives middle office and program manager-derivatives processing re-engineering.

Mr Mengal joined Citi from Standard Chartered Bank Singapore where he was global product head broker services and collateral management. Prior to joining Standard Chartered, he spent eight years at Lehman Brothers where he held a number of senior-level positions within treasury in London, Tokyo and Hong Kong.

Neeraj Sahai, global head of securities and fund services, Citi, said: “With these two hires, Citi reinforces its commitment to providing clients with value-added services that help them improve efficiency and mitigate risk across the life cycle of an asset.”