Citi expanding wealth teams
(5 September 2017 – Australia) Citigroup plans to hire 100 new advisers in Australia between now and 2020, in a bid to bolster its wealth management business.
The bank has indicated that it wants to target high net worth clients, a segment it says is rapidly growing.
Head of Asia Pacific Retail Banking for Citi, Gonsalo Luchetti said Australia has the third largest pool of high net worth individuals in the region, with more than 230,000 people with $1 million or more to invest.
According to the firm, it is in the top three largest wealth managers across Asia Pacific, reporting US218 million worth of assets under management (AUM) from 400,000 clients. Its Australian wealth arm posted a 14 percent increase in AUM las year, the bank said in a statement.
Citi is targeting a three-fold increase of its client based, saying it will achieve that by focussing on face-to-face service and digital innovation.
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