Citi has announced to add about 2,300 professionals including 1,100 relationship managers and private bankers, and invest in cutting-edge technology in its Hong Kong and Singapore wealth hubs. Citi’s Win in Wealth campaign is expected to add in excess of US$150bn AUM across its Asia Pacific franchise, including US$120bn in the high-net-worth segment, and further extend its leadership position in the region.
“The Asia Pacific wealth market stands out in its scale and growth potential. And this is not a cyclical opportunity – it is structural, driven by the emergence of a vast middle class and the rapid development of regional capital markets. Along with macro-level asset growth, Asian customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures. As the world’s most global bank, with broad-based expertise across investment products, we are strongly positioned and fully committed to serving these needs. We are already a wealth management leader in the region, and taking this business to the next level is a strategic priority,” said Peter Babej, Asia Pacific CEO.
In January, Citi announced the formation of Citi Global Wealth (CGW), aligning the Private Bank and the Consumer Wealth business under the leadership of Jim O’Donnell, formerly Global Head of Investor Sales and Relationship Management. Leveraging Citi’s aspirational wealth management brand, CGW’s strategy is focused on delivering the firm’s global network, high quality research and leading capital markets expertise.
“We are seeing once-in-a-generation wealth creation in many parts of the world, particularly Asia. With Citi’s unique capabilities and assets, we have the opportunity to lead our industry in wealth management. We are putting the full force of the firm behind this effort to create a single, integrated wealth platform that will serve all clients, providing tailored capabilities for affluent individuals to ultra-high net worth families. We source the best asset management partners for our clients based on their needs rather than focusing on our own offerings. We also benefit our Commercial Bank that serves a client base where wealth is created,” said Jim O’Donnell, Citi Global Wealth Head.