Jeff Feig, the global head of developed markets foreign exchange and a senior manager at Citigroup Inc (NYSE:C), will be stepping down from his position. His departure follows the resignation of Anil Prasad, the bank’s most senior currencies banker earlier this year.

Jeff Feig Citigroup

Citigroup Inc (NYSE:C) is the world’s largest bank dealing currencies, and it is one of almost a dozen firms that has suspended or terminated the employment of staff in connection with a lengthy global regulatory investigation regarding market manipulation. Last January, the Citigroup fired its former head of European foreign exchange spot trading, Rohan Ramchandani.

Jeff Feig’s departure unrelated to market manipulation probe

Jeff Feig’s departure is not related to the global regulatory investigation of market manipulation. According to the spokesperson of Citigroup Inc (NYSE:C), “Given his tenure in his role, his departure was well-anticipated, and part of the natural cycle of the business. We have a strong, talented bench that continues to support this core business.”

Jeff Feig worked for Citigroup Inc (NYSE:C) for 25 years, and he spent 10 years of his career in the bank serving as head of foreign exchange. He was one of the persons who helped the bank reclaimed its top spot in the financial industry’s market-sharing ranking.

“There is no question it’s harder now to figure out how to operate in a much more regulated environment than it was a decade ago. It’s a time of massive change,” said Feig.

Jeff Feig joins Fortress as portfolio manager

Following his resignation from Citigroup Inc (NYSE:C), Jeff Feig will join Fortress Investment Group LLC (NYSE:FIG) as the portfolio manager and co-CIO of the Fortress Macro fund to help broaden its $3.8 billion platform. He will also serve as co-president of the liquid market business of the global investment management firm.

According to Mike Novogratz, principal, director at Fortress Investment Group LLC (NYSE:FIG) and co-CIO of Fortress Macro Fund, “Jeff brings a remarkable skill set in foreign exchange and rates trading. We have long been impressed with Jeff’s investment acumen as well as his leadership talent. We are very pleased that he has joined Fortress after a long and successful career at Citi.”

On the other hand, Stu Bohart, co-President of Liquid Markets and co-CIO of the Fortress Partners Fund, said, Jeff Feig will play a key role in advancing Fortress business evolution into a more diversified group of high-performing, right-sized, liquid hedge funds given his deep experience and unique investment management skills.

“His expertise in global markets is an ideal fit for the macro fund and his experience with investors will be invaluable as we steadily grow our business, including in the retail alternative space,” said Bohart.

Feig is expected to assume his new role at Fortress Investment Group LLC (NYSE:FIG) in the autumn after finishing his responsibilities at Citigroup Inc (NYSE:C).