December 11, 2013 / 2:58 PM / in 5 years

Citigroup adds director with hedge fund, banking experience

NEW YORK (Reuters) - Citigroup Inc (C.N) named Duncan Hennes, a co-founder of bank advisory firm Promontory Financial Group and a former CEO of Soros Fund Management, to its board of directors on Wednesday.

People walk past a Citibank branch in New York October 15, 2013. REUTERS/Andrew Kelly

Hennes, 57, a principal of money manger Atrevida Partners LLC in Rye, New York, will be the 14th member of the board and will be on its risk management and finance committees, according to the company.

His experience includes being an executive in charge of trading, sales and derivatives at the former Bankers Trust Co and being chairman of the Wall Street consortium that took control of Long-Term Capital Management, a large hedge fund that collapsed in 1998 when its complex trading strategies failed during a Russian debt crisis.

Citigroup Chairman Mike O’Neill this year has been recruiting new directors to the company, the third-largest u.s. bank by assets, after last year replacing CEO Vikram Pandit with Citigroup veteran Mike Corbat.

O’Neill, in a statement issued by the company, said Hennes brings “broad experience in financial services with notable expertise in securities markets and risk management” to the board.

Reporting by David Henry in New York; Editing by John Wallace

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