Citigroup Inc. has hired Kevin Degabriele from JPMorgan Chase & Co. to bolster its custody business, the fifth-biggest in Australia.

Degabriele will join New York-based Citigroup as senior manager, client relationships and sales. He will report directly to Martin Carpenter, managing director of securities and fund services, global transactions services in Australia.

“Kevin is very well known and very well respected in the industry,” says Carpenter. He adds his new colleague has worked in the custody business for more than 20 years.

Citigroup has been hiring custody executives in the last 18 months to try and push aside rivals and win new business. There are as many as four custody tenders in the market at any one time, says Carpenter.

David Edwards, head of strategy and sales in Citigroup’s custody business, joined the company from JPMorgan in September 2010.

Enzo Cotroneo, head of fund administration, joined Citigroup from JPMorgan in September 2011.

Harpreet Ahuja, joined Citigroup from NAB Asset Servicing six months ago, to head its unit pricing team.

As of December 31 Citigroup’s assets under custody were $119.2 billion out of a total of $1.82 trillion of assets under management in the country. It had a market share of 6.5 per cent.

Degabriele joined JPMorgan in 2003. Prior to JPMorgan he worked at State Street Corp.

“He’s very well connected to chief operating officers,” says Carpenter. “He’s managed a number of big relationships,” declining to be specific.

Degabriele is currently on holiday.

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