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Citi Boosts Wealth Management Team in Singapore and Hong Kong

Citi Boosts Wealth Management Team in Singapore and Hong Kong

(20 April 2021 – Asia) Citigroup is planning to add around 2,300 employees and invest in cutting-edge technology in its wealth management hubs of Hong Kong and Singapore, as the bank revamps its consumer banking operations in the region.

The expansion will include 1,100 new relationship managers and private bankers to support the bank’s aims in tripling its assets under management and doubling its wealth clients by 2025.

This follows the bank’s announcement last week that it appointed Fabio Fontainha and Steven Lo as Co-Heads for Citi Global Wealth in Asia Pacific. Citi Global Wealth is a new unit formed in January 2021 as a single wealth management organisation that unifies wealth management teams in Global Consumer Banking and the Institutional Clients Group. It covers the full spectrum from emerging affluent to high net worth clients.

“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,” said Citigroup Asia Pacific chief executive Peter Babej.

“Along with macro-level asset growth, Asian customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” he added.

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