Citigroup recently hired
Kenneth Dowd to run its retail mutual fund business. Dowd joined Citigroup in late December as Director of Investments for Citibank's global retail investment unit. He will be in charge of all sales and marketing for the Citi's funds and reports directly to
Robert Lipp, ceo of Citigroup's global consumer group.
While the position is a new one for Dowd, and one created specifically for him, he says that he knows the area well. Prior to his post at Citigroup, he had been engaged to do a global assessment of Citibank's position internationally, and comes into the job knowing the various strengths and weaknesses of the various divisions.
"While there might be some redirection and fine tuning of distribution, we already have a strong position worldwide," said Dowd, adding that a possible direction for expansion of distribution would be via the Internet.
"I will be looking at remote distribution issues in the near future, like possible Internet expansion," he said, "which could act as a strong complement to our direct sales force."
Dowd is the former head of
Cowen & Co. asset management division. He left Cowen soon after the bank was acquired, in early 1999, by
Societe Generale.
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