Citigroup is reorganising its equity derivatives sales management structure and as part of the process, the bank's institutional equity derivative sales division will now report to the head of pan-Asian convertible bonds Nick Smith, according to a memo seen by SRP.

The memo - signed by the head of equities pan-Asia, Richard Heyes; the co-head of markets for Asia Pacific, David Ratliff; and the global head of equity derivatives, Simon Yates - also said that the head of sales for Asia Pacific at Citigroup, Bernard 'Bernie' Wai, will continue to oversee the bank's equity and private investor solutions (EIPS) multi product retail sales efforts that includes equities in the region.

In addition, the global head of pan-Asian equity derivative and convertible sales at Citigroup in Hong Kong, Paul J Andersson, is set to leave the US bank after Smith makes the transition into his new role which will include equity derivative and convertible bond sales.

"PJ has had a very successful 15-year career at Citi, having run equity derivative sales in Tokyo, equity derivative sales in New York, equity sales for the Americas and, most recently, Asia-Pacific equity derivative and convertible sales in Hong Kong," said the memo.

Andersson moved to Hong Kong from New York in July 2010 to lead the distribution of all Asia-Pacific equity derivative products, including convertible bonds. The bank also promoted Nick Smith to head its pan-Asian convertible bonds segment in Hong Kong, reporting to Andersson.

Andersson joined Citi in February 1998 and moved to New York in October 2001 as the head of the US equity derivative sales desk before taking up his responsibilities as head of institution equity sales for the Americas.

Prior to that, he moved to London in February 1994 to work for Morgan Stanley as a convertible bond salesperson. He then joined Barclays de Zoete & Bevan (BZW), the former Barclays investment bank which sold its equity and corporate finance divisions to Credit Suisse First Boston before being rebranded as Barclays Capital in 1997.

Andersson was relocated to Tokyo in January 1997 where he spent the next five years as an equity derivative salesperson at BZW.

Citi declined to comment on the reasons for Andersson's departure.