Citi Has Hired 650 Wealth Professionals for Asia Operations in 2021
May 18 2021 - 12:44AM
Dow Jones News
By Ben Otto
Citigroup Inc. has hired around 650 wealth professionals for its
Asia-Pacific operations this year, part of a strategy focused on
Hong Kong and Singapore to boost regional client assets by US$150
billion in the coming years.
The third-largest U.S. bank by assets said Tuesday that the
additions included more than 130 relationship managers and private
bankers. The hiring is part of previously announced plans to add
2,300 wealth employees, including 1,100 relationship managers and
private bankers, to serve wealthy entrepreneuers and their
businesses in the fast-growing region.
Citi added more than $5 billion in net new money in Asia in the
first quarter, marking one of the bank's strongest quarters on
record. In 2020, it brought in a record $20 billion in regional net
new money inflows, taking assets under management for wealthy
clients in Asia to roughly $300 billion.
"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, chief executive of the bank's Asia-Pacific
operations.
The heightened focus on wealth managment comes as Citi is making
plans to exit consumer franchises in 10 Asian markets, marking a
shift in strategy under Citigroup CEO Jane Fraser, who took the top
job at the company earlier this year.
The Asia-Pacific region has a disproportionately high percentage
of the world's ultra-wealthy individuals. Half of the world's
unicorns, or private companies valued at more than $1 billion, are
in Asia, according to the Hurun Research Institute.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
May 18, 2021 00:29 ET (04:29 GMT)
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