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Johnson hire bolsters Citigroup's European prime brokerage wing

Citigroup has hired Todd Johnson from Deutsche Bank to head up the firm's prime brokerage business in the lucrative European market.

Mr Johnson joins the American bank after occupying positions with the German bank including head of hedge fund client services and latterly was charged with overseeing Deutsche Bank's European prime brokerage division.

The hire will see him reunited with former Deutsche Bank colleague Nick Roe, who is head of equity finance for Citigroup in Europe, the Middle East and Africa.

News of the appointment follows Citigroup's fund service divisions hiring of a further two staff from Deutsche Bank, namely Richard Kennedy and Lane Hocking who are installed as global head of synthetic equity finance trading in New York and head of securities lending and synthetic equity trading in Hong Kong.

Commenting on the hires, Mr Rowe said that he expected the prime brokerage division to grow further in 2007 to take capitalize on the booming market.