Citi poaches PE specialist from UBS

Investment banker Aidan Allen will join Citigroup in Australia later this year, having worked on numerous high-profile private equity deals there during his career.

Citigroup Australia has hired Aidan Allen as managing director and head of general industries and financial sponsors, including private equity, according to a Citigroup internal memo provided to Private Equity International. 

Allen was not available for an interview as he has not yet started at the firm. His appointment will be effective from November 2013 and he will be based in Sydney. 

Aidan Allen, MD,
Citigroup Australia

He joins the bank from UBS, where he served as managing director and co-head of financial sponsors and industrials, according to Tony Osmond, the bank’s head of corporate and investment banking Australia and New Zealand, who is cited in the memo. 

At Citi, Allen will lead the bank’s efforts in the industrials sector and the “very important” financial sponsors sector. Allen will also take over a number of Osmond’s business responsibilities in Sydney.

Osmond also notes: “Aiden brings strong relationships with Australia's most significant private equity firms, as well as CEOs, CFOs, chairmen and non-executive directors across a broad range of sectors. He has worked on numerous high profile transactions.”

These include Archer Capital’s initial takeover and subsequent $1.2 billion sale of MYOB to Bain Capital, as well as Pacific Equity Partners and Unitas Capital’s $1.2 billion divestment of Independent Liquor to Asahi in 2011, according to the memo.

Asahi Breweries in February launched legal action in Australia against the firms, alleging that it overpaid when it had acquired the business for NZ$1.53 (€960 million; $1.3 billion), PEI reported earlier.