Citi hires ex-UBS analyst to head new Philippine equities team

MANILA, Dec 2 (BestGrowthStock) – Citigroup Inc said on
Thursday it is building an equities research platform in
Manila after a nine-year absence and has hired a former
director at UBS Securities Philippines to head the unit.

Minda Olonan, who covered the Philippine banking and
consumer sectors for UBS from May 2006 until she
left in October this year , will start in her new role at
Citigroup on Dec. 15.

She will be joined by Karisa Magpayo who will be the
utilities analyst. Magpayo was previously a consultant for
capital-raising activities and new structured products for the
Asian Development Bank.

Citigroup closed its Philippine stock brokerage unit in
2001.

“The buildout of our Philippine research platform adds to
the broader coverage of our Asian equity franchise,” Brent
Robinson, Asia Pacific head of Citi Investment Research and
Analysis, said in a statement.

“We continue to invest in our research platform to help
our regional and global clients who are increasingly looking
to invest in Asian equities given the region’s growth
prospects,” he said. Citi recently commenced stock broking
operations in Indonesia and Malaysia.

Citigroup is reviving its Philippine equities research as
the Manila stock index surged about 35 percent so far
this year to become the third top performer in Southeast Asia,
boosted by foreign funds seeking higher returns in emerging
markets and after a smooth government transition following
national elections in May.

On Thursday, Manila gained 3.65 percent to end at 4,148.90
points. The market regained some of its losses from a
correction since last month after the index hit a lifetime
high of 4413.42 points on Nov. 5.
(Reporting by Rosemarie Francisco; Editing by Muralikumar
Anantharaman)

Citi hires ex-UBS analyst to head new Philippine equities team