Citigroup has named Ali Hackett the head of prime brokerage and global finance sales at the firm, a newly created position, according to published reports.

Najib Lamhaouar, formerly the head of global sales for futures, will take over Hackett’s old responsibilities as the head of futures at the firm. Hackett’s new spot was created so that Citigroup could keep its prime brokerage business in better order and to ramp up its efforts in the field of servicing hedge funds, Reuters reports.

Citigroup trails industry leaders Morgan Stanley, Goldman Sachs, and Bear Stearns by a significant margin. Togethe, the trio dominates the market, which is expected to generate $7.5 billion this year. The hedge fund industry is one of the hottest sectors of the market, growing to approximately $700 billion, according to recent estimates.

Other players in the prime brokerage space include Deutsche Bank, Lehman Brothers and Merrill Lynch.

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