Citigroup has appointed a Standard Chartered banker to build its relationship with sovereign wealth funds, which have come to represent an important client base, as well as a potential source of investment, for banks in recent years owing to the trillions of dollars at their disposal.

The Wall Street bank has hired Zubaid Ahmad as vice-chairman of its institutional clients group and a member of its senior strategic advisory team. He will lead the bank's global SWF coverage and bolster its relationships with this client group. Ahmad joins from Standard Chartered, where he was vice-chairman and head of corporate finance.