Citigroup Inc., the fifth-largest takeover adviser in the first quarter, hired Paul Phillips from Bank of America Corp. as managing director for global telecom, media and technology investment banking.

Phillips, who starts at the end of May, will be based in Palo Alto, Calif., and report to the team's co-heads, Ben Druskin and Mark Simonian, according to an internal memo obtained by Bloomberg News. Citigroup spokesman Mark Costiglio confirmed the contents of the memo.

Phillips, who has more than 20 years of investment-banking experience, was managing director in the technology group at Bank of America, and had been head of technology-investment banking from 2003 to 2008. He previously worked for the technology team at Goldman Sachs Group Inc. in New York and San Francisco.

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