Citi has appointed Jig Patel as head of prime finance for Japan, Asia North, Australia ( JANA ) and Asia South.

Based in Hong Kong, Patel will be responsible for the ongoing development of the prime finance offering in these markets, and the strategic growth of the platform.

He will also have responsibility for prime product, stock borrowing and lending, synthetic prime brokerage, and funding trading, as well as business risk and oversight over the client executive function, leveraging his deep relationships with clients.

Patel reports to Robert Stewart, head of equity trading for JANA and Asia South, and Sebastien Mailleux and Tim Tomalin-Reeves, global heads of prime services.

He spent almost 30 years at Goldman Sachs, building out its Asia prime business. He was most recently at Millennium.

The bank plans to increase headcount in its Asia rates and prime businesses by 5%-10% over the next year amid a surge in demand, according to Paul Smith, head of markets for JANA.

Citi Markets had its best second-quarter performance since 2020 in Q2 2025 with revenues up 16% year-on-year at US$5.9 billion and net income up 20% y-o-y at US$1.7 billion, driven by fixed income and equities.

It was also a record second quarter for equities. Revenue for the business rose 6% to US$1.6 billion, driven by momentum in prime services, with record prime balances up 27%, as well as higher client activity and volumes in cash equities.