Citi has expanded its transitions and portfolio solutions capability with the appointment of Greg Woodham as a vice president. He previously ran the Goldman Sachs’ Australian transitions business, which was shuttered in August.

Woodham will be responsible for the management of multi-asset class portfolio transitions, derivative overlays, currency overlays and other portfolio related solutions for institutional investors across the Asia-Pacific region.

Michael Jackett-Simpson, Citi’s long-standing head of transitions and portfolio solutions, said: “Given Greg’s extensive transition management credentials and client relationships, we believe that he will add further insight and experience, leading to better client outcomes.”

The appointment showed the commitment Citi had to servicing institutional investors within Australia and the broader Asia-Pacific region, Jackett-Simpson he said.

Transition management has been under pressure in recent years, with several big global firms closing down their businesses in various regions. The transitions departments have tended to diversify their offerings across other areas of investment implementation efficiency.

In Australia, the remaining players are: Citi, State Street, UBS, Macquarie and Russell Investments.