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The importance of balance:
Citi’ s Mike Hughes reflects on storied career in securities services
Congratulations on winning the GC Legend Award! Could you share a bit about your background and your journey? I started my career over 35 years ago in operations at Bankers Trust, an organisation that many in the industry are very fond of. I was incredibly proud to work there and still vividly remember my first day – it was a significant moment for me. Coming from a humble background, being part of such a global organisation felt like a dream come true. From the start, I had a strong sense that this was the career path I wanted to pursue, and I always felt a personal drive to prove that I could build a successful career. I quickly transitioned from operations into various product roles, which gave me the chance to work overseas. The most important aspect of my journey has been the incredible mentors and supporters I’ ve had along the way. My network expanded rapidly, both within Bankers Trust and later in other organisations. Throughout my career, I’ ve been fortunate to have incredible opportunities – not only in London, but also in Asia, the Middle East, and now in the US. Cultural awareness and diversity is something I’ ve always felt strongly about, and it has been a crucial part of my growth. It’ s allowed me to listen to and learn from global leaders and colleagues,
Mike Hughes, Citi’ s global head of fund services and recipient of the GC Legend Award, reflects on his 35-year career journey, the transformative shift to data-driven fund services, and the importance of leadership, mentorship, and emotional intelligence in today’ s industry.
which has made me a better person. I bring this learning into my personal life, always valuing global awareness and cultural acceptance as I navigate both my professional and personal journeys.
What does a“ good day” at work look like for you? No two days are ever the same, and that variation is a huge source of energy for me. Running a global business across multiple time zones – EMEA, Asia, and the US – definitely makes for long working days. But what really defines a“ good day” for me is having personal interactions with the team. While Zoom and Teams have become part of our culture, it’ s crucial to stay connected in person. It’ s not just about working through email; it’ s about maintaining those direct connections with clients, and our team, including our operations and tech partners. That’ s what makes the role truly rewarding. For me, a good day includes a mix of personal interactions. I’ m a big believer in the value of meeting people face-to-face, whether in the office or elsewhere. That human connection is an energiser for me every day.
What are some of the biggest changes and challenges you’ ve witnessed in the industry throughout your career? I believe the biggest change we’ re experiencing is the shift to data and digitalisation. In my 35-year career, this transformation is the most significant – more so than any other shift I’ ve seen in the past few decades. Client buying behaviour has evolved from a traditional service-provider model to a more collaborative, partnership-based approach. It’ s a dynamic that is driven by data, and we now serve as custodians and administrators of our clients’ data. While we continue to focus on safeguarding assets and managing funds, today’ s world revolves around data and upskilling. Our
48 Global Custodian Spring 2025