Citi Australia and New Zealand head of equity capital markets Rob Jahrling is departing the investment bank, as one of the Wall Street firm’s long-time local executives, John McLean, steps in to take over his duties.
Mr McLean, a Citi managing director, has been with the firm since 2002 and has over two decades of experience in global capital markets.
He previously was Citi’s head of capital markets origination for Australia and New Zealand from 2010.
In 2021, took on the job heading Asia Pacific private equity, initially from Sydney, and he is currently based in Singapore.
His title has been head of global asset managers for the Asia Pacific, and he manages a regional team advising global alternative asset manager and sovereign wealth fund clients.
His new official title is head of equity capital markets and global asset managers for Australia and New Zealand, which sees him narrow the focus of his current role to Australia and New Zealand while also taking on the local head of ECM responsibilities.
Mr McLean will relocate from Singapore to Sydney.
Citi’s local ECM team and bankers landed one of the largest block trades in the past year, selling shares in Goodman Group for CIC.
However, the deal proved to be challenging for the Wall Street firm and it took a $75m financial hit on the trade.
Citi underwrote the transaction for 50.4m shares at $37.55, which was a discount of 1.5 per cent to Goodman Group’s last traded price.
But, after backing the selldown at $1.9bn by guaranteeing the price to CIC, it then had to reprice the deal lower when demand was lacking, to $36.85, to get the stock away.
The latest changes come after the announced retirement in March of chairman of corporate and investment banking for Australia and New Zealand Tony Osmond.
This coincided with the promotion of Citi’s local head of real estate investment banking Ben Connolly to co-head of investment banking for Australia and New Zealand, and he shares the role with Phillipe Perzi, who was poached from Goldman Sachs for the position.
The pair replaced Alex Cartel, who left last year to join Rothschild & Co.
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