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.

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