EUROPE - Citigroup has set up a European insurance and pensions structured solutions group in London under Wiltrud Heiss.

The new 20-strong team runs across the bank's fixed income, equities and banking divisions to provide bespoke solutions for insurers and corporate pension funds.

"The group offers expertise in capital raising, derivatives structured products and structured finance, along with actuarial, accounting and risk management modelling expertise," Citigroup said.   

Heiss, who joined from Deutsche Bank in 2003, will have Paul Schultz as her deputy.

Heiss reports to Valentin Ehmer, co-head of fixed income capital markets products, and Andres Recoder, head of European regional sales and structured product marketing.   

"We have formed a 'best in class' team of senior, experienced professionals to position ourselves for a holistic client approach while leveraging Citigroup's market leading capital markets and banking advisory relationships," Heiss said.   

The bank said the move came as insurers and pension funds were "revisiting the appropriate level of risk that can be sustained in light of recent regulatory and accounting changes".

Citigroup exited the asset management business last year when it sold the division to Legg Mason.

Meanwhile, Citigroup Global Transaction Services has named Clive Triance as head of direct custody and clearing in Europe, the Middle East and Africa.

And rival Northern Trust has named Stephen Andress as global head of derivatives operations, a new role.