Citi’s Head of Insurance Investments Named COO of Ping An Fintech Fund: Sources

Citigroup’s Asia head of insurance investment banking Donald Lacey is leaving the bank to become the chief operating officer of Ping An Insurance Group Co of China’s Global Voyager Fund, sources familiar with the situation said.

Lacey, who joined Citi roughly 10 years ago, will start in his new job in a few months, one of the sources told Reuters.

Citi and Ping An declined to comment. The sources did not want to be identified as they were not authorized to talk to the media.

Ping An said in May it was launching its first overseas fund to primarily invest in financial and healthcare technology worldwide. The initial size of the fund is $1 billion and it is led by Jonathan Larsen, an 18-year stalwart of Citigroup who joined Ping An as its chief innovation officer.

(Reporting by Anshuman Daga in Singapore and Kane Wu in Hong Kong; additional reporting by Julie Zhu; editing by Muralikumar Anantharaman)