Citigroup has appointed Michael Yannell as head of hedge funds for Investment Solutions as the financial services giant ramps up its wealth management push.
The promotion was announced in an internal memo sent out by Daniel O’Donnell, Citigroup’s head of alternatives and investment manager solutions. The memo, which was seen by InvestmentNews, was confirmed by a Citi spokesperson.
Yannell rejoined Citi in 2019, serving as director, head of hedge fund research. More recently, he also served as interim head of hedge funds for Investment Solutions. “Mike has been instrumental in the transformation and success of the Hedge Fund business, helping to create a platform of diversifying and directional offerings for Citi Wealth clients,” said O’Donnell, in the memo. “Further, Mike’s leadership in recent months as the interim head of the business has been invaluable.”
Before making his return to Citi, Yannell spent almost five years as head of research – public and private credit at Gapstow Capital Partners. Before his stint at Gapstow Capital Partners, he was director, hedge fund research for credit and event-driven strategies at Citi Private Bank.
“Mike has more than 20 years’ experience within Alternative Investments with a demonstrated track record of helping to deliver best-in-class strategies and guidance to clients,” said O’Donnell, in the memo. In his new role, Yannell will report to O’Donnell.
Alternative investments are gaining significant momentum in the wealth management industry. Research released last week by Brookfield Asset Management through its Alts Institute found that advisors are increasingly building alternatives into client portfolios. The study, which was conducted by research organization CoreData, said that the number of advisors reporting a deep knowledge of alternatives has nearly doubled to 32% from the company’s 2024 survey. The percentage of advisors identifying themselves as “Power Users” has also grown, to 40% globally from 26% in North America in 2024, the study found.
Citi has been ramping up its wealth business – earlier this year the company forged a deal with wealthtech specialist Advyzon to build a unified account structure for clients across much of the globe.
When it reported its fiscal third-quarter results in April, Citi enjoyed its best total revenue quarter in a decade. Wealth revenue grew 11% year over year, driven by growth in the Citigold wealth management service, as well as retail banking and the company’s private bank.
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