Sourcing giant Li & Fung has appointed former Citigroup investment banker Ed Lam as its chief financial officer to develop the group's growth and acquisition strategy.

Reporting to Spencer Fung, who was named group chief operating officer in April, Lam will take up his position on 5 November.

Lam has previously worked with Li & Fung on acquisitions, corporate loans and equity placements while working at Citigroup. Prior to this, he served as executive director at Morgan Stanley and worked at Coopers & Lybrand as an audit engagement manager.

Fung said: "Li & Fung has entered a new era of growth with our three global networks, and we are committed to further strengthen our strategic finance function to better allow us to capture the opportunities via our organic growth and acquisition strategy."