Citi has hired Deutsche Bank executive David Murphy as managing director and head of prime finance in Asia Pacific.

Murphy was previously the head of prime finance for Deutsche and was instrumental to the division's growth in Asia over the last two years. Prior to that, he was head of the structured products group in New York.

At his new role, Murphy will have regional oversight of all prime finance and futures activity for Citi. He reports to London-based Nick Roe, the global head of prime finance and futures, for prime finance, and regionally to Singapore-based Rodrigo Zorrilla, the head of markets Asia Pacific. 

Prime finance is comprised of prime brokerage, financing solutions, and capital introductions. Asia Pacific is a key growth area for prime finance and futures and Citi says it is bent on exercising its global leverage, especially as it already serves clients in more than 70 countries. In the region, this covers offices in Hong Kong, Tokyo, Sydney, and Singapore. 

Murphy's hire is complementary to the expansion efforts by the bank in the past months. In August, Citi appointed Bassam Salem as head of the public sector group for Asia Pacific, a position current chairman Deepak Sharma will assume until Salem officially takes his place in early autumn 2011. Earlier, the bank also launched five new branches in Causeway Bay, Hong Kong.