Gertsen and a team of around 10 private bankers focused on hedge funds across North America are now dedicated to covering all sales and prospecting efforts related to this target client segment.

Gertsen has been building out this segment predominately in the New York Metro area for the last two years, and alongside his new responsibilities will also retain his regional UHNW duties.

Deploying a coordinated approach with Citi's institutional clients group to its hedge fund relationships will be key to leveraging personal banking and wealth management opportunities with hedge fund managers nationally, the firm told Family Wealth Report.

Notable hedge fund insight, developments

The news shortly follows research released by Preqin indicating that over half of hedge fund managers and other associated industry figures regard regulation as the biggest challenge they face, athough many predict assets will rise in 2015.

The $2.85 trillion global hedge fund industry has had to contend with new rules in recent years including the European Union's Alternative Investment Fund Managers Directive and tighter oversight from the SEC.

Meanwhile, in July 2013, the SEC adopted a new rule to implement a JOBS Act requirement, lifting the ban on general solicitation or general advertising for certain private securities offerings.

Kenneth Heinz, president of Hedge Fund Research, has previously said that the easing of marketing restrictions on hedge funds was a key milestone in the progression of alternative investments becoming more accessible to a wider pool of investors and expanding mainstream awareness of the hedge fund industry.