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Citi Global Wealth APAC Gained $15 Billion Net Asset in 2021 1H, To Hire 1100 Private Bankers & Relationship Managers by 2025
30th July 2021 | Singapore
Citi Global Wealth in Asia-Pacific has reported a gain of $15 billion net asset inflow in the 1st half of 2021, producing one of the strongest 1st half result for Citi’s wealth management & private banking business in Asia-Pacific. Citi Global Wealth in Asia-Pacific also announced plans to hire 1,100 Private Bankers & Relationship Managers and an additional 1,200 wealth roles (Total: 2,300) to grow $150 billion of assets by 2025. Citi’s Global Wealth in Asia includes Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW). (HNW ~ High net worth, UHNW ~ Ultra high net worth)
“ Citi Global Wealth APAC Gained $15 Billion Net Asset, To Hire 1100 Private Bankers & Relationship Managers by 2025 “
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Citi CEO Asia-Pacific, Peter Babej:
“We are capturing market share as Asian clients 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.”
Citi Global Wealth (GCW)
In January 2021, 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. In April 2021, Steven Lo and Fabio Fontainha were named co-heads of Citi Global Wealth in Asia-Pacific.
Citi Global Wealth (CGW) is focused on delivering the Citi’s global network, high quality research and leading capital markets expertise to clients.
In January 2021, Citi announced plans to double on wealth with a focus on 4 wealth hub: Hong Kong, Singapore, London and UAE. Asia-Pacific is a key market for Citi’s global wealth ambition.
Citi’s Global Wealth in Asia includes Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW).
Citi Private Bank, Citi Global Wealth
Over the last 1 year, Citi has been making numerous key changes. In March 2021, Citi appointed Jane Fraser as the new CEO and in January 2021, created a single business unit – Citi Global Wealth, to manage all global wealth units, including Citi Private Bank. In June 2020, Citi had also created Citi Private Capital Group to provide institutional service to private investment companies and family offices.
- March 2021 – Appointment of new CEO Jane Fraser
- January 2021 – Citi Global Wealth, merging Citi Private Bank
- June 2020 – Created Citi Private Capital Group
In April 2021, Citi appointed Ida Liu as the new Global Head of Private Banking (Citi Private Bank), with Steven Lo and Fabio Fontainha as the new co-Heads of Citi Global Wealth in Asia-Pacific.
Citi also announced plans to exit 13 markets for Citi’s consumer businesses across Asia, Europe, Middle East and Africa (EMEA) and to focus on 4 key main hubs – London, UAE, Hong Kong and Singapore.
Citi Private Bank
Citi’s Private Bank serves the world’s wealthiest individuals, families and law firms. Citi Private Bank has around $550 billion AUM (Assets under Management), serving more than 13,000 UHNW clients, including 25% of the world’s billionaires and more than 1,400 family offices across 50 cities in over 100 countries.
Citi Private Bank focuses on clients who have an average net worth above $100 million, with clients gaining access to a highly customized experience and a comprehensive range of products and services including investments, banking, lending, custody, wealth planning, real estate, art, aircraft finance and lending, personalized advice, competitive pricing and efficient execution.
Citigold, Citigold Private Client and Citi Priority
Citi Global Consumer Bank, with Citigold, Citigold Private Client and Citi Priority, provides institutional grade, personalized wealth management services to clients, which includes dedicated Wealth teams, fund access and a range of exclusive privileges, preferred pricing and benefits to clients around the globe.
Citi’s Global Consumer Bank has approximately $200 billion in AUM (Assets under Management) globally and serves clients in the United States, Europe, the Middle East, Asia and Mexico.
In Asia-Pacific: Citi CEO APAC Peter Babej
In 2019, Citi appointed Peter Babej, who was Citi’s Global Head of Financial Institution Group, as CEO of Citi Asia-Pacific. In 2019, Citi’s APAC business contributed around 20% of revenue and nearly 1/3 of Citi’s net income.
Citi’s wealth management senior leadership team in Asia-Pacific includes Fabio Fontainha who is the Head of Retail Banking for Asia-Pacific and Europe, Middle East and Africa (EMEA), Steven Lo who is the Regional Head of Citi Private Bank APAC, Lee Lung Nien who is the Chairman of South Asia Citi Private Bank and Chan San San who is Citi Private Bank High Net Worth Head of Asia-Pacific.
Citi APAC Wealth Management Leadership Team
- Peter Babej, CEO of Citi Asia-Pacific
- Fabio Fontainha, Head of Retail Banking for APAC and EMEA
- Steven Lo, Regional Head of Citi Private Bank APAC
- Lee Lung Nien, Chairman of South Asia Citi Private Bank
- Chan San San, Citi Private Bank High Net Worth Head Asia-Pacific
Citi:
- Citi Appoints Chan San-San as Head of Private Bank HNW APAC, Kelvin Goh as Head of FI Group for Investment Banking
- Citi Private Bank Appoints Seamus Yin as Global Market Manager China South & West, 10 Years with China Top Entrepreneurs
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- Citi Appoints Ida Liu as New Global Head of Private Banking, Exit 13 Markets
- Citi Creates Citi Global Wealth to Manage all Global Wealth Units, Including Citi Private Bank
- Citi Gained $20 Billion Net Inflow into APAC Wealth Management Business
- Citi Private Bank Forms Citi Private Capital Group to Provide Institutional Service to Family Offices, Private Funds and Private Companies
List of Private Banks:
- 2020 List of International Private Banks in Hong Kong
- 2020 List of Boutique Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
- 2020 List of Boutique Private Banks in Singapore
Related:
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- Top Research Reports in 2020
- Top Global Wealth Reports in 2020
- Top Family Office Reports in 2020
Citigroup
Founded in 1812, Citigroup is one of the world’s largest bank with more than 200 million customer accounts and around 200,000 employees in more than 160 countries and jurisdictions. It is listed on the New York Stock Exchange (NYSE) and has a market capitalization of $124.2 billion (15/12/20). In 2019, Citigroup reported total revenue of $74.2 billion and net profit of $19.4 billion.
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