A senior investment executive has departed Citi Wealth in Hong Kong, Asian Private Banker has learnt. Ken Peng, head of investment strategy for Asia at the US bank, recently left the firm, according to sources familiar with the matter. Citi has confirmed the departure. Peng’s next move could not be ascertained at the time of reporting. Peng joined Citi Private Bank in […]

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Asia’s private banking AUM has crossed the US$4 trillion mark, according to Asian Private Banker‘s 2025 League Tables. With J.P. Morgan Private Bank entering the top three for the first time and Nomura International Wealth Management (IWM) making its debut in the tables, the 2025 rankings saw widespread movements. J.P. Morgan Private Bank led this growth with a 41% increase […]

The post Asia 2025 AUM League Tables: Assets cross US$4tn, JPM enters top three, Nomura debuts appeared first on Asian Private Banker.

In a strong year for client portfolios, top US banks closed out 2025 with double-digit revenue and income growth for their wealth businesses. J.P. Morgan Asset and Wealth Management (AWM) saw its net income grew 19% YoY, while Morgan Stanley Wealth Management doubled net new assets YoY on top of a 13% YoY top-line expansion. Citi Wealth saw a 14% […]

The post Wall Street giants capture wealth earnings surge in 4Q25 appeared first on Asian Private Banker.

Despite the financial focus of most family offices, the truth is stark: only 3% of wealth transfer failures over three generations are due to financial issues, such as poor investments or tax planning. The overwhelming majority (97%) stem from relational issues and a lack of next-generation preparedness, according to Citi Private Bank’s Alexandre Monnier. But to tackle these issues, how […]

The post Citi Private Bank leans on global benchmarking to win family office mandates appeared first on Asian Private Banker.

US banks saw double-digit growth in net revenue and net income for 3Q25, alongside increases in assets under management (AUM) and client advisor headcount, according to recent earnings reports. Citi Wealth and J.P. Morgan Asset and Wealth Management (AWM) saw net income for the quarter grow 32% and 23% respectively, on a yearly basis, while Goldman Sachs captured a 40% […]

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Sun Life Financial has hired a senior industry veteran from Citi Wealth to lead its high net worth (HNW) business as wealthy clients in Asia increasingly turn to insurance products for their legacy planning and wealth accumulation needs. Based in Singapore, Sujoy Ghosh will join Sun Life as chief executive officer, high net worth, effective 4 November 2025. He will […]

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Citi has selected BlackRock to manage an US$80 billion investment portfolio for Citi Wealth clients, marking a major outsourcing move from its in-house unit, Citi Investment Management (CIM). As part of the deal, BlackRock will run portfolios for Citi Wealth clients across nearly 100 countries, while Citi bankers will continue managing client relationships, asset allocation and product selection. Some CIM […]

The post Citi outsources US$80bn wealth portfolio to BlackRock in major deal appeared first on Asian Private Banker.

Citi will sell the part of its wealth business responsible for distributing alternatives solutions to fintech firm iCapital, in the latest example of how the Wall Street giant is consolidating its business. New York-based iCapital said in a statement that it was acquiring Citi Global Alternatives, the advisor to Citi Wealth’s global alternative investment fund platform. With the purchase, of […]

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Citi Private Bank is looking to grow its banker and investment counselors headcount in Asia by about 10% in 2025 after a strong financial performance last year, as the Wall Street lender seeks to deepen its wallet share in the region following a period of consolidation. In his fourth visit to Asia since joining Citi almost two years ago, wealth […]

The post Andy Sieg: Citi Private Bank eyes 10% rise in Asia headcount appeared first on Asian Private Banker.

Citi Private Bank has reshuffled its leadership team following the departure of global private banking head Ida Liu, Asian Private Banker understands. Liu is departing after almost two decades with the bank and nearly four years as global head of Citi Private Bank. “I have made the decision to leave the firm and embark onto the next chapter of my […]

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While private banks are working hard to attract clients and garner AUM, the competition goes beyond financial metrics, transcending into client experience and staff engagement. Previously, APB highlighted a selection of the most impressive private banking offices in the region, showcasing their unique features. With over two thousand votes, APB’s readers crowned UBS Singapore at Penang Road, featuring an extensive […]

The post Revealed: This private bank has the best Singapore office appeared first on Asian Private Banker.

Citi has seen a marked increase in HNW clients using its digital wealth platform in Hong Kong. Meanwhile, the Wall Street lender has taken steps in recent months to restructure this client segment within its private bank. Digitally active HNW clients in Hong Kong have grown by 85% since 2019, Citi said at a recent media briefing. More than 90% […]

The post Citi pushes digital future for HNW clients in Hong Kong amid banker exits appeared first on Asian Private Banker.

After a barrage of negative headlines surrounding Citi’s commitment to its Asian wealth business earlier in the year, are things turning around for the Wall Street lender? After repeated visits to Asia by global wealth head Andy Sieg appeared to inject renewed optimism into Citi’s regional wealth franchise, the bank seems to be enjoying fresh momentum in its Hong Kong […]

The post Citigold: A silver lining for Citi in Hong Kong? appeared first on Asian Private Banker.

While US AI stocks may still dominate the market narrative going into the second half of the year, private banks are identifying more opportunities in Asia, expecting the region to deliver robust GDP growth throughout 2024. HSBC Global Private Banking’s (GPB) Asia CIO team believes Asia remains the most important growth engine of the global economy with projected GDP growth […]

The post Private bank CIOs pivot to Asia market opportunities for 2H24 appeared first on Asian Private Banker.

Citi will combine its Japan and Asia North & Australia clusters into a single organisation, the bank announced in a statement, marking the latest re-organisation for the US lender. The new cluster includes the bank’s Australia, China, Hong Kong, Japan, Macau, New Zealand, South Korea, and Taiwan markets. Marc Luet, Citi’s Asia North & Australia cluster and banking head, appointed […]

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The head of wealth for South Asia at Citi has decided to leave the bank, Asian Private Banker can reveal, as the US bank embarks on a significant restructuring programme globally. Shyam Sambamurthy, a veteran of Citi, announced his decision to leave the bank this week in a town hall meeting, people familiar with the matter said. Sambamurthy was appointed as […]

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