Hedge fund Fim Advisers has swooped on Citigroup Private Bank to appoint its first in-house legal counsel.
Citigroup's former legal counsel for Europe, the Middle East and Asia, Philip Niel, took up his new position as general counsel at Fim Advisers last week (12 June).
The newly created role, which remains a rare one within the hedge fund sector, covers all aspects of Fim Advisers' business, including compliance and regulatory issues and general corporate issues.
A spokeswoman for Fim said Niel would also assist with the development and launch of new fund and structured products. She said the role had been created to "meet the needs of Fim's growing business in an environment that is increasingly regulated and legally complex".
She added: "Having an in-house counsel will enable us to strengthen our professional infrastructure and attend to new initiatives in a more timely and effective manner."
Before joining Citigroup, Niel was a legal adviser at Barclays Private Clients and initially trained and qualified with Linklaters.
Fim Advisers is an alternative investment management company that specialises in the creation, management and servicing of portfolios of hedge funds. The company manages almost £1.08bn worth of investments.