Citi Asia Pacific sets Record for Net New Money in Wealth Management Exceeds USD20 billion for First Time in its History
Citi has announced that to date Citi Asia Pacific has attracted over USD20 billion in net new money across its regional wealth management business, surpassing last year’s total by over 10%.
This result includes the Consumer Banking wealth franchise as well as the Private Bank, covering emerging affluent to ultra-high net worth clients, the firm said in a press release.
Peter Babej, CEO, Asia Pacific, Citi, said: “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 market leader in the region, and taking this business to the next level is a strategic priority.”
“As we grow our wealth operations, we are focused on first-rate service – and that means staying ahead in technology. Clients increasingly want world class advisory delivered on their preferred terms – online, face to face, or both. Our wealth centres, with world-class RMs leveraging digital wealth management solutions, are geared to delivering the customized value propositions that our clients require. We continually invest in both our people and our technology to remain at the forefront of this fast-moving business,” Babej continued.
Citi’s wealth franchise includes Citi Priority (emerging affluent customers), Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW). CPB counts approximately one-third of the region’s billionaires as clients, says the firm.
Citi utilises an open architecture platform, including access to proprietary institutional as well as third-party products.
Refreshed digital value propositions, including a new mobile banking experience with enhanced wealth management tools, have driven significant client momentum and growth in mobile users by over 1 million.
With approximately USD285 billion in AUM, Citi ranks among the top three wealth managers in Asia Pacific, the firm reports.
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