Deals & People April 6, 2009

Corbat Tapped as Permanent Citi Holdings Head

Mike Corbat has been named CEO of Citi Holdings, which includes its brokerage and asset management units and local consumer finance and a special asset pool.
Reported by

Corbat has served as interim CEO since Citi’s announced realignment into Citicorp and Citi Holdings on January 16, 2009, according to a Citi news release

Corbat will continue to work closely with newly appointed Citi Holdings Chairman Gary Crittenden to evaluate and set the course for these businesses, while managing risks and losses and maximizing the value of these assets.

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“In a short time, Mike and the team have done excellent work, and I couldn’t be more pleased to have him move into the CEO role on a permanent basis,” Crittenden said, in the news release.

Corbat most recently served as the CEO of Citi’s Global Wealth Management unit. Prior to that, he was head of the Global Corporate Bank and Global Commercial Bank at Citi. Corbat joined the Company in 1983 and has worked in Atlanta, New York, and London.

Products April 6, 2009

Vanguard Launches Small-Cap Developed, Emerging Market ETF

Vanguard FTSE All-World ex-US Small-Cap ETF (ticker: VSS), which seeks to track the performance of the FTSE Global Small Cap ex US Index, began trading on the NYSE Arca.
Reported by

The launch brings the number of Vanguard’s ETFs to 39, with aggregate assets topping $44 billion, according to a news release from Vanguard.

VSS holds approximately 2,100 securities and has an expense ratio of 0.38. Vanguard said it is the only international small-cap ETF to cover both developed and emerging international markets.

“Many advisers are committed to providing international exposure within their clients’ portfolios, but until now a low-cost index option with developed and emerging market small-cap exposure was not available,” said Martha Papariello, principal, Vanguard Financial Advisor Services, in the release.

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