Biggest Family Offices Get Direct Access to Trading Desks
- Largest offices have institutional investing veterans on staff
- ‘Some of them are so sophisticated,’ Citi’s Pigorini says
Photographer: Mark Kauzlarich/Bloomberg
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Family offices with assets of at least $1 billion are increasingly bypassing private bankers to deal directly with investment bank trading desks, a Citigroup Inc. executive said.
“Some of them are so sophisticated and have such buying power,” said Luigi Pigorini, Citi Private Bank’s region head for Europe, Middle East and Africa. “We have them trading directly with some of our desks in the markets division. There’s not that many, but there’s quite a few and that number keeps growing.”