August 21, 2017 / 9:13 PM / 2 months ago

Citigroup taps Goldman activist defense banker for global role

NEW YORK (Reuters) - Citigroup (C.N) named Muir Paterson to head the bank’s global team of bankers advising companies on activist shareholders, the bank announced on Monday.

FILE PHOTO: The logo of Citibank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo

Paterson, whose official title is Global Head of Strategic Shareholder Advisory, previously worked as a senior activist defense banker at Goldman Sachs Group (GS.N).

The move shows that Citigroup is aiming to expand its reach into the realm of activist advisory work, a segment of banking where demand has surged in the last five years amid a wave of public campaigns by hedge funds, and occasionally mutual funds, for quick and major changes at publicly traded companies.

Paterson was the chief operating officer of the Goldman’s M&A Shareholder Advisory group, a team that was formed in 2015 by combining Goldman’s activist defense group and its M&A Capital Markets practice.

Before Goldman, Paterson was the director of corporate governance for Wellington Management Company and a co-founder of the Special Situations Group at Institutional Shareholder Services.

Citigroup said that Matthew Coeny, a managing director at the bank, would continue as a senior member of its activist defense practice.

Reporting by Michael Flaherty

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