Citi has snapped up two seasoned specialist Managing Directors to head up its newly-formed Resources, Infrastructure and Utilities Group.

According to an internal memo sent by Citi's Head of investment banking Aidan Allen and Head of corporate and investment banking Tony Osmond, and seen by finews.asia, Nick Forster and Richard Saywell will join Citi in the coming months to further strengthen the positioning in the Infrastructure, Power, Utilities, Energy and Mining sectors.

Citi believes that the outlook for these sectors over the coming years is strong and the hiring of these experienced and proven investment bankers will position the bank ideally to take advantage of the growth opportunities available.

The Rainmakers

Nick Forster is currently Managing Director, Co-Head of the Natural Resources Group, at Goldman Sachs. He has over 17 years of investment banking experience and is a proven business originator.

He is highly regarded in the Australian market and it is expected that he will bring critical client relationships to the Citi franchise, particularly across the power, utility, infrastructure and government sectors.  As Co-Head of the Resources, Infrastructure and Utilities Group, Forster will focus on Infrastructure, Power and Utilities in Australia and New Zealand and will join Citi in the third quarter.

Richard Saywell is currently a Managing Director at UBS focusing on the Natural Resources sector. He has over two decades of experience working with companies in the Natural Resources sector on capital raising and corporate control transactions.

Enlarged Group And Coverage

Since 2009 at UBS, Saywell has led over 45 equity and convertible bond financings and more than 20 M&A transactions. As Co-Head of the Resources, Infrastructure and Utilities Group, he will focus on Energy and Mining in Australia and New Zealand and will join the U.S. bank in the fourth quarter.

The memo noted that Scott Perkins, Rowan King and David Paton will continue their key coverage roles in the enlarged group reporting into Forster and Saywell.