Barrenjoey executive being targeted for top Citi role?

Citi is expected to announce a new Australia and New Zealand head of investment banking in the new year. Picture: AFP

Citi is understood to have shortlisted candidates for its Australia and New Zealand head of investment banking role, with both internal and external candidates thought to be on the list.

However, one of the more interesting lines of conversation is whether any Barrenjoey executives could be putting their hands up for the position, or, alternatively, whether Citi is trying its luck at prying away any of the bankers from the Matthew Grounds-led business.

One name that continues to feature among candidates in recent weeks has been Barrenjoey’s head of financial institutions for investment banking, Anthony Brasher.

Sources close to Citi suggest he is not in final contention, contrary to discussion in the market.

But was he approached?

And perhaps more interestingly, did he put his hand up for the job?

In such matters, it’s not always easy to get straight answers, but even if he did land the role, many in the market believe he would be an unsurprising choice.

Brasher has been linked to a number of high profile banking deals for financials executed by Barrenjoey on behalf of clients, including the sale of Suncorp Bank to ANZ.

There’s thought to have been at least discussions between Citi or its head hunters and Mr Brasher at a certain stage around the process.

And it would be big news in investment banking if he were to leave Barrenjoey, as it would be the first departure of a high profile name since its launch in 2020.

Internally, market observers named Nick Forster as the most likely to be tapped to take the job, but sources have suggested he has passed on the opportunity, after choosing to base himself in Auckland.

Another is Ben Connolly, who covers real estate.

Local equity capital markets head Rob Jahrling was believed to be keen for the role, although would likely be out of the running after the recent mispriced Goodman Group trade.

The move to hire a new boss comes after the departure of Citi’s local boss, Alex Cartel, who left this year to join Rothschild & Co.

Mr Brasher was hired by Barrenjoey in 2020 from JPMorgan where he headed up financial institutions banking.

Sources have told DataRoom an appointment would not be announced until 2025.

And given it is now bonus season, and much of whether executives choose to remain where they are is based on their reward before Christmas, it’s no surprise that the appointment has been pushed out until the beginning of the new year at the earliest.