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Citi’ s global head of securities services Okan Pekin announces exit
Industry legend and Global Custodian’ s 2022 Lifetime Achievement Award recipient is departing after more than three decades with the firm for new opportunities.
Citi’ s global head of securities services, Okan Pekin, will depart the firm after more than three decades to pursue opportunities outside the organisation. Pekin joined Citi in Türkiye in 1989 and has over 35 years of experience with the firm, holding numerous leadership roles. Most recently, he served as global head of securities services for five years, overseeing post-trade services for institutional clients. Under his guidance, the Citi securities services business flourished on a global scale with great strides in both global and sub-custody offerings, improving both its technology and products. The efforts culminated in Citi posting the largest increase in securities services revenue in 2024 – jumping 16.6 % from the previous year to surpass $ 5 billion for the first time, for a total of $ 5.1 billion. Looking at the revenue growth since 2021, Citi has increased its total by 51.9 % – more than double the rate of growth of any of the other largest three custodians. In a LinkedIn post, Pekin said:“ After 35 years, I have made the decision to leave Citi to pursue new opportunities. As I reflect on my time here, I am filled with deep gratitude for the incredible experiences and lasting partnerships that have shaped my career.” Global Custodian understands there will not be a direct replacement, instead the organisation is searching for a new head of investor services, which is the new unit comprising custody, fund services and execution services. His previous positions include global co-head of equities and securities services, global head of investor services, and global head of FX and EM institutional sales. Pekin also led institutional FX and local markets sales, as well as sales for Central and Eastern Europe, the Middle East, and Africa. Earlier in his career, Pekin developed and led the derivatives and capital markets origination business with European sovereigns and frequent issuers and managed derivatives coverage for Switzerland. He added:“ Throughout the years, I have had the privilege of working alongside some of the most talented professionals in the industry. The opportunity to work with, and learn from, so many of you has been invaluable. I would also like to express my heartfelt thanks to our clients for the trust and confidence you have placed in us. The strong partnerships we have built with our clients at Citi have been the foundation of everything we have accomplished, and I am proud of the work we have done together.“ As I embark on this next chapter, I am excited about the new opportunities and challenges that lie ahead. While I will no longer be at Citi, the lessons, relationships, and experiences I have gained here will stay with me as I move forward. Thank you all for your partnership, support, and friendship over the years.” Pekin was the recipient of Global Custodian’ s Lifetime Achievement Award in 2022. His departure comes just over a year after Citi refreshed its securities services leadership team under the leadership of Shahmir Khaliq – who assumed responsibility for the entire Services group, which also included Markets. As part of the reshuffle, Amit Agarwal, formerly global co-head of payments and receivables, took on the major new role in leading the custody business. Going forward, the services business will now comprise the following business lines – payments, liquidity management services, trade & working capital solutions, issuer services, and investor services. As previously mentioned, the traditional asset servicing functions will now fall under investor services, with a new lead soon to be announced.
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