Wall Street’s premier wealth management divisions breached historic asset milestones in 2Q26, capitalising on buoyant market valuations and sustained client inflows to deliver double-digit revenue growth. Morgan Stanley’s total client assets across its wealth and investment management arms exceeded US$10 trillion. J.P. Morgan Asset and Wealth Management (AWM)’s net income grew 33% YoY, while Citi Wealth’s revenue grew 13% YoY, […]

The post Wall Street wealth units scale historic peaks as Morgan Stanley hits US$10tn appeared first on Asian Private Banker.

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.

Two Hong Kong-based bankers have recently departed Citi Private Bank, Asian Private Banker has learnt. Charles Sit, director and a banker for ultra high net worth clients, and Lai Fai Yeung, a senior private banker, have left the US bank, sources familiar with the matter told APB. Citi Private Bank confirmed the departures of Sit and Lai to APB. Hong […]

The post Two bankers depart Citi Private Bank in Hong Kong appeared first on Asian Private Banker.

Citi Private Bank has made a senior hire to strengthen its India market coverage, Asian Private Banker has learnt. Based in Singapore, Tarang Garde has joined the US lender as a team head of the non-resident Indian (NRI) desk. Garde has more than 20 years of experience across wealth management, global banking and risk management. He joined Citi Private Bank […]

The post Citi Private Bank hires BNP Paribas WM banker for NRI team appeared first on Asian Private Banker.

Galloping into the Year of the Fire Horse, the race continues among private banks and asset managers to see who can distribute the most spectacular red packets to clients. More than just traditional gifts for family and friends, these laisee, or hongbao, have morphed into cult collectables, often trading on secondary markets for prices that rival the currency inside. Horses […]

The post Vote now: Who has the best red packets in Year of the Horse? appeared first on Asian Private Banker.

Citi has seen a marked increase in new clients for its high net worth (HNW) business in Hong Kong, the US lender shared at a recent media roundtable. Citi’s Hong Kong HNW businesses posted double-digit year-on-year (YoY) growth in total revenue and investment income for 2025, although it did not disclose specific figures. New client acquisitions for Citigold Private Clients […]

The post Citi’s Hong Kong HNW business sees influx of new clients appeared first on Asian Private Banker.

Despite the shadows of a potential AI bubble and persistent valuation jitters, Asia’s chief investment offices are entering 1Q26 with a resolute pro-risk tilt in equities, according to Asian Private Banker‘s review of major house views. While most banks are clinging to US earnings growth as a principal driver, a deepening rift has emerged over the role of fixed income […]

The post CIO views 1Q26 visualised: Private banks double down on US equities amid AI fatigue 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.

In 2025, North Asia’s private banking sector saw a golden moment amid rising market strength and sanguine sentiment, with Hong Kong supporting wealth creation through its capital markets. As we head into 2026, APB highlights five private banks to watch in Hong Kong. UBS GWM back to growth mode post CS integration Two years after the announcement of its shotgun […]

The post Five private banks to watch in Hong Kong in 2026 appeared first on Asian Private Banker.

Asian Private Banker is delighted to present Final Word 2025, our year-in-review feature featuring regional heads from wealth management players across APAC. Click here to read Final Word 2025 In this exclusive feature, top executives reflected on what kept them up at night in 2025, covering everything from digital transformation to regulations, and business strategy to investment performance. Below are some […]

The post Final Word: Private banking leaders reflect on strong a 2025, reveal strategies for 2026 appeared first on Asian Private Banker.

For the world’s elite private banks, office space is more than just a place to house staff. It’s where clients meet, deals are made, and generational relationships formed. Often housing bespoke artwork and well-being centres, while offering stunning views and state-of-the-art facilities, offices are a statement for the bank’s value proposition. And in private banking – being in the business […]

The post Revealed: This is the best private banking office in Hong Kong appeared first on Asian Private Banker.

The wealth industry’s rush into artificial intelligence (AI) is already rapidly moving beyond basic efficiency tools and into more complex portfolio advisory tasks, as implementation becomes a top-tier operational priority. But has anyone stopped to ask an obvious question: How will banks differentiate their advice if every advisor in the city relies on the same or similar machine-driven insights? DBS […]

The post Citi, DBS, Leo Wealth warn of AI-driven portfolio homogenisation 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% […]

The post 3Q25: US banks post another quarter of double digit wealth growth appeared first on Asian Private Banker.

The market dynamics seen this year could mean that there is no longer a single one-size-fits-all playbook that fund selectors can refer to when choosing funds and speaking to clients. Amid ongoing geopolitical uncertainty, a declining US dollar, and the United States Federal Reserve announcing on 18 September interest rate cuts by 25 basis points in a bid to weather […]

The post FSN SG 2025: Citi, Morgan Stanley, and RBC’s portfolio allocation strategies amid rate cuts appeared first on Asian Private Banker.

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.

The S$27.45 million in fines that Singapore’s regulator handed out last week is more than just a headline. It’s a warning. Nine financial institutions, including UBS, Credit Suisse, Julius Baer, Citi, LGT, and UOB, were penalised for lapses tied to the country’s most significant money laundering case. But let’s be honest. Are these fines significant for institutions that generate massive […]

The post Bottom Line: Culture eats compliance for breakfast appeared first on Asian Private Banker.

Eighteen months after Citi’s largest organisational restructuring in decades, Citi Private Bank is pledging to align its growth more closely with the bank’s global wealth strategy — a direction Asia chief Steven Lo believes positions the franchise for strong upward momentum and a shot at becoming one of the region’s top three wealth managers. A key change for Lo, head […]

The post “The numbers can only go higher”: Steven Lo on Citi Private Bank’s Asia growth appeared first on Asian Private Banker.

Asia’s private banking AUM has surpassed US$3 trillion, according to Asian Private Banker‘s Asia 2024 League Tables, reflecting both the region’s growing wealth and strategic shifts among top players. In one of the most profound moves, Standard Chartered cracked the top five for the first time, showing how fast fortunes can change. The UK-based bank posted an AUM jump of […]

The post Asia 2024 AUM League Tables: AUM hits US$3tn, StanChart enters top five appeared first on Asian Private Banker.

While some major private banks focused on restructuring management and rejigging reporting lines in March, others focused on sweeping up talent. Among those shaking things up was Julius Baer, which flattened its management structure, while Citi Private Bank implemented a new structure for Asia-based market managers. Meanwhile, Morgan Stanley Private Wealth Management Asia (Morgan Stanley PWM Asia) and RBC Wealth […]

The post Movers & Shakers: Julius Baer flattens structure while Citi PB tweaks market managers appeared first on Asian Private Banker.

Citi Private Bank has launched philanthropy advisory solutions in Asia, the bank announced, recognising a growing trend among Asian private banking clientele that want to donate their money to charitable causes. Beginning in Singapore, philanthropy advisory solutions will be led by the bank’s Global Family Office Group. Citi Private Bank will allow clients to make greater impact to causes by […]

The post Citi Private Bank launches Asia philanthropy advisory solutions appeared first on Asian Private Banker.

Being a successful investment and products specialist, Citi Wealth’s Julie Koo can often be seen at conferences and high-profile networking events. But the other side that people don’t see, is Koo’s energy and commitment to community service. To Koo, managing director, head of partnerships and relationship management at Citi Wealth, being a parent to her two children, Layla and Felix, […]

The post IWD 2025 – From private banking to community service: The dual life of Citi’s Julie Koo appeared first on Asian Private Banker.

In January, several high-profile bankers departed from major private banks in Asia. Meanwhile, US lender Citi looked to streamline its private banking leadership with a new organisational structure. The month’s series of departures began with Deutsche Bank’s North Asia head, Kanas Chan, resigning after holding the role since 2016. The German lender promoted Frederick Fong as her replacement later in […]

The post Movers & Shakers: Industry sees heavyweight departures as Citi rejigs structure, again appeared first on Asian Private Banker.

With the year of the snake approaching, competition between private banks in Asia is hotting up when it comes to who can distribute the most dazzling red packets to clients. These envelopes – known as laisee or hongbao – are traditionally given to family members and friends. However, they can also be highly sought-after collectors’ items and fetch a premium […]

The post Vote now: Who has the best red packets in Year of the Snake? appeared first on Asian Private Banker.

J.P. Morgan Private Bank has appointed a new head of its Philanthropy Centre for Singapore and Southeast Asia. Arriving from Citi Private Bank, Faye Ong joined J.P. Morgan Private Bank this week, according to a personal LinkedIn update. Ong spent nearly four years at Citi Private Bank, where she was the Asia head of family office advisory. Before Citi, she […]

The post J.P. Morgan PB appoints head of philanthropy centre for Southeast Asia appeared first on Asian Private Banker.

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.

Manulife Wealth and Asset Management (Manulife WAM) has hired a senior executive from Citi Private Bank to head its business in Asia. Based in Hong Kong, Fabio Fontainha will join the firm as the head of wealth and asset management, Asia, effective February 2025. He succeeds Michael Dommermuth, who is leaving the firm at the end of the year, according […]

The post Manulife WAM taps Citi Private Bank for Asia head 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.

There is a sense of renewed optimism at Citi as its global wealth head, Andy Sieg, visits Asia for the third time since joining last September. Among the top tasks for Sieg will be boosting its struggling wealth business following organisational delayering and restructuring. Meanwhile, Citi’s private bank business has restarted hiring in Asia. On Monday this week, Sieg attended […]

The post Citi sees renewed optimism as global wealth head makes third visit to Asia appeared first on Asian Private Banker.

UOB’s acquisition of Citi’s businesses in Southeast Asia in 2022 and 2023 accelerated its regional expansion, rapidly achieving what may have taken five to ten years to build organically. But now, with a large influx of clients moving from a global US-headquartered bank to a regional one in a short period of time, how is the Singaporean lender managing to […]

The post Citi deal “very synergistic” for UOB’s affluent segment: Jacquelyn Tan appeared first on Asian Private Banker.

In Singapore, two Chinese former relationship managers (RMs) were charged in court earlier today for offences linked to a major money laundering case last year, including money laundering, forgery and obstruction of justice. Wang Qiming and Liu Kai were charged in court on Thursday morning for their roles in assisting a group of ten Chinese nationals now convicted in a […]

The post Singapore money laundering case: Two Chinese former RMs charged in court appeared first on Asian Private Banker.

Citi has appointed a new senior executive for wealth from DBS to oversee Asia South, according to an internal memo seen by Asian Private Banker. Effective 1 November, Yeo Wenxian will become the new head of wealth, Asia South, reporting to Andy Sieg, the global head of wealth at the US bank. Yeo will also take on the role of […]

The post Citi names head of wealth for Asia South from DBS appeared first on Asian Private Banker.

Global insurance giant Prudential has named a former Citi senior executive as its new chief executive officer for Greater China. Based in Hong Kong, Angel Ng will assume the role of regional CEO, Greater China, Customer and Wealth at Prudential, according to a company statement on Monday. Ng will report to Prudential’s CEO Anil Wadhwani and join the Group Executive […]

The post Former Citi Global Wealth Asia head joins Prudential as Greater China CEO appeared first on Asian Private Banker.

It is no secret that the key to success as a private banker in Asia is your network. But increasingly that concept has spread to the digital age, with the region’s top relationship managers, market heads and executives all seeking to expand their influence on social media. That is most evident on LinkedIn, the world’s largest professional network, which is […]

The post Influencer power list: The private bankers you need to follow on LinkedIn 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 […]

The post Citi combines Japan and Asia North & Australia clusters in latest rejig appeared first on Asian Private Banker.

Private banks in Asia-Pacific saw their AUM jump by a total of about US$400 billion in 2023, reversing outflows from the previous year, as competition for the top spots in Asian Private Banker‘s Asia 2023 AUM League Table intensified. However, while some institutions achieved double-digit growth, others grappled with outflows. By the end of December 2023, the Asian private banking […]

The post Asia 2023 AUM League Table: Private banks see US$400bn asset windfall appeared first on Asian Private Banker.

One year after its rescue of rival Credit Suisse and against a backdrop of cost challenges, UBS Global Wealth Management bid farewell to more bankers in March. But it is not the only private bank looking at how it can streamline its front office in Asia, with Citi Private Bank also restructuring its regional operations. Meanwhile, asset managers have been […]

The post Movers & Shakers: Which bankers have left UBS GWM and Citi PB? appeared first on Asian Private Banker.

A Citi veteran and former Asia wealth head has retired from the US lender amid the bank’s latest group-wide restructuring. Angel Ng, the current Asia North and Australia cluster and banking head, will retire on 5 April after spending 26 years with the US bank. Before taking on the new cluster role at the end of last year, Ng was […]

The post Former Citi Global Wealth Asia head retires appeared first on Asian Private Banker.

The private banking and wealth management industry in Asia has a significant number of women in senior leadership positions, from UBS’s Amy Lo and Jin Yee Young, J.P. Morgan Private Banking’s Harshika Patel, to Citi’s San-San Chan and DBS’s Carol Wu, to name but a few. Here, Asian Private Banker has gathered the views of ten leading women, who shared their […]

The post IWD 2024: What new PB female leaders can learn from Amy Lo and Harshika Patel appeared first on Asian Private Banker.

While the hiring landscape in private banking calmed slightly in February, this lull was then offset by reshuffling within the industry, particularly at HSBC and Citi. Citi’s new structure  As Citi’s CEO Jane Fraser tries to control costs and profitability, a number of HNW-focused personnel depart across its key Hong Kong and Singapore hub under the codename “Project Bora Bora.” […]

The post Movers & Shakers – February 2024: HSBC, Citi restructure as talent war cools appeared first on Asian Private Banker.

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 […]

The post Citi’s South Asia head of wealth resigns appeared first on Asian Private Banker.

The Pacific island of Bora Bora is one of the world’s most idyllic holiday destinations. But for employees of Citi Private Bank, those are the last two words they want to hear as the lender embarks on a significant restructuring. As part of the Wall Street bank’s latest effort to tame costs and stabilise profitability under CEO Jane Fraser, a […]

The post ‘Project Bora Bora’: Inside Citi PB’s plan to restructure Asia HNW business appeared first on Asian Private Banker.

Leading private banks in the US and Europe have, with a few notable exceptions, reported relatively weak earnings for FY23. While not quite the annus horribilis of 2022, behind the weaker-than-expected earnings is a nevertheless difficult year for private banks. Globally, markets were impacted by high inflation, quantitative tightening, geopolitical uncertainty, wars in Europe and the Middle East, and China’s stuttering […]

The post Deutsche Bank PB, Citi PB post disappointing FY23 earnings appeared first on Asian Private Banker.

What is the hottest area of competition between private banks in Asia at Chinese New Year? DPM market penetration? Wallet share? The fastest growing net new money? You guessed it, custom red packets. These ornately-adorned envelopes, known as laisee in Cantonese or hongbao in Mandarin, are presented – often containing money – to friends, family members, colleagues and clients as […]

The post Poll: Which private bank has the best red packets in the year of the dragon? appeared first on Asian Private Banker.

From the reshuffling of leadership roles across the private banking industry to wholesale changes in the competitive landscape, 2023 was characterised by heavyweight hirings in Asia Pacific. The Credit Suisse-UBS merger resulted in many of the former’s bankers jumping ship, creating some of the most impactful appointments of the year. From long-time Credit Suisse heavyweight Jin Yee Young joining UBS via Deutsche Bank […]

The post The biggest Hong Kong, Singapore private bank hires of 2023 appeared first on Asian Private Banker.

Citi Private Bank (CPB) APAC has unveiled a new leadership structure, following on from the seismic structural changes announced by group CEO Jane Fraser in September last year. Under Fraser’s new plan to streamline its operating model and enhance its strategy, Citi has already re-organised its different business groups into five key business units – services, markets, banking, wealth, and US […]

The post Citi Private Bank unveils latest leadership structure in APAC: what next? appeared first on Asian Private Banker.

Citi has launched a new wealth platform tailored to the children of wealthy Hong Kong clients, introducing the concept of wealth management to children as young as 11. The Citi NextGen Account is a new wealth management account dedicated to the children of Citigold and Citigold Private Client account holders. The new account will allow the next generation of Hong […]

The post Citi introduces 11-year-olds to wealth management with new NextGen Account appeared first on Asian Private Banker.

While there are many established families in Asia which have been involved in philanthropy for decades, the conversation has now turned to how to best engage the next generation of family members, Citi Private Bank’s Karen Kardos told Asian Private Banker. “When we talk to our clients about that, we try to help them to think through what they want […]

The post Next-gen engagement in philanthropy a key priority for Asian families: Citi PB appeared first on Asian Private Banker.

Citi’s unveiling of its largest organisational structure change in 15 years is aimed at streamlining its operating model and enhancing its strategy. With falling revenue and frequent organisational changes to its wealth business, can Citi meet its long-term strategy of achieving strong revenue in wealth? Under the new structure announced last week, Citi has separated its core businesses into five […]

The post Will Citi’s new leadership structure boost its Asia wealth business? appeared first on Asian Private Banker.

Amid a return in spending among U/HNWIs following years of Covid restrictions, banks in Asia are competing with a variety of credit card perks to attract the region’s wealthy. In 1H 2023, spending on luxury goods and bespoke experiences rose by 56% in Singapore and 36% in Hong Kong, compared to the same period in 2019, according to data from […]

The post Luxury lifestyle, dining and travel: How credit cards are competing in post-Covid spending boom appeared first on Asian Private Banker.

With rising wealth in Asia, private banks are presented with a strategic choice: focus on providing bespoke services to fewer ultra-high-net worth (UHNW) clients, or attempt to capture the mass affluent and early-stage HNW clients as their wealth increases. Asian Private Banker spoke to three banks – Citi Private Bank, Morgan Stanley and BNP Paribas – as they elucidated their […]

The post Private banks on mass affluent rush: Citi, Morgan Stanley, BNP Paribas have their say appeared first on Asian Private Banker.

The Asia investment management head for Citi Global Wealth has left the bank, Asian Private Banker has learned. Daniel Chan, who joined the bank 13 years ago, will soon move back to the US, people familiar with the matter said. Before joining Citi in Hong Kong, Chan worked at several financial institutions in the US, including The Dellacorte Group, Wilmington […]

The post Citi Global Wealth’s Asia investment management head departs appeared first on Asian Private Banker.

Citi has announced the appointment the new CEO of Citi Malaysia, effective 1 May 2023. Vikram Singh will be responsible for leading the country team of the Malaysia franchise. He will also have oversight of the Citi Solutions Centers in Malaysia. He will report directly to Amol Gupte, South Asia and ASEAN head, Citi. According to the Tuesday news release, Singh […]

The post Citi names new Malaysia CEO appeared first on Asian Private Banker.

Citi has named a new Singapore head for its retail bank business, as the lender aims to boost its wealth business in the Southeast Asian city and Hong Kong with an ambitious target of adding US$150 billion in AUM by 2025. Matt Read has been named as Citibank Singapore’s retail banking head, effective 17 April, according to a statement on […]

The post Citi appoints Singapore retail head as part of plan to add US$150bn in AUM appeared first on Asian Private Banker.

Citi Private Bank (Citi PB) has used its holistic “one Citi” platform to grow its Asian client base in the vibrant family office segment by about 40% over the last two years. “This year is a big wake-up call. Everyone is thinking about how to systematically diversify their portfolios and just as importantly, how to transfer their wealth to the […]

The post From advisory to delivering the whole platform: Bernard Wai on the value of “one Citi” appeared first on Asian Private Banker.

Hong Kong’s “strong potential” is behind Citi’s decision to open its first Citi Global Wealth (CGW) centre in the Asian finance hub earlier this month. “It’s a sign that proves the bank has the utmost confidence in Hong Kong and it trusts the team in Hong Kong to have the ability to deliver a meaningful result,” Vicky Kong, Hong Kong […]

The post New wealth centre highlights Citi’s confidence in Hong Kong appeared first on Asian Private Banker.

Citi opened its first Citi Global Wealth (CGW) centre in Kowloon – one of the fastest-developing districts in Hong Kong – on Tuesday. Located at K11 ATELIER Victoria Dockside, the CGW centre will mainly serve the bank’s private banking and HNW customers that come under its Citigold Private Client segment. “As a top-three wealth manager in Asia, we are well-positioned […]

The post Citi opens first global wealth centre in Hong Kong’s Kowloon appeared first on Asian Private Banker.

Citi has named a more than three-decade veteran of the bank as its new Asia head of Citigold and Citigold Private Client (CPC). The US lender said on Tuesday that C.R. Sambamurthy (Shyam), most recently head of international personal banking, will return from a sabbatical to take up the role. Effective 1 August and based in Singapore, he will report […]

The post Citi names Asia head for Citigold and Citigold Private Client appeared first on Asian Private Banker.

The fifth edition of Asian Private Banker‘s Intensive event gathered over 70 individuals from the region’s fund selector community across more than 20 private banks and family offices. On 28 June, four hand-picked asset managers were given the opportunity — through eight-minute pitches — to present their ideas and products to the powerful gathering of gatekeepers. The quick-fire, live insights […]

The post APB Intensive 5.0: Fund selectors talk diversification appeared first on Asian Private Banker.

Citi Private Bank has rebranded its private capital group to family office group, and made two new hires to strengthen its presence in the Asia Pacific region. Lynn Ong and Feng Yanjun have joined the US wealth manager from outside the banking sector in Singapore and Hong Kong, respectively. Ong’s role is focused on family office advisory matters, such as […]

The post Citi looks outside banking to beef up family office expertise appeared first on Asian Private Banker.

For cash holders, the repercussions of inflation are painful, and those sitting on excess cash will likely be left poorer over time, Citi Global Wealth Investments has warned. The US wealth manager is recommending that investors add to their portfolios fixed income, and investments around trends such as the rise of Asia and digitalisation. Citi believes the worst of US […]

The post Investors sitting on excess cash will be left poorer: Citi appeared first on Asian Private Banker.

Citi Global Wealth Management (Citi GWM) has named a veteran banker as its new COO, in a bid to drive global growth in its wealth franchise, according to an internal memo seen by Asian Private Banker on Thursday. Valentin Valderrabano will start the New York-based role in July and will move from Korea to the US in the summer. As […]

The post Citi Global Wealth appoints new COO as part of growth ambitions appeared first on Asian Private Banker.

Citi has a new head of Asia Pacific Global Wealth Management (GWM), according to a Tuesday press release. Currently the Citi CEO for Hong Kong and Macau, Angel Ng will head Citi’s integrated wealth platform serving clients across the wealth continuum. She remains based in Hong Kong and reports to Peter Babej, Asia Pacific CEO, and Jim O’Donnell, global CEO […]

The post New Asia Pacific global WM head expected to boost Citi’s key wealth hubs appeared first on Asian Private Banker.

Citi Australia has named a new of head of retail banking and wealth management as the business is transitioning to National Australia Bank (NAB). Based in Sydney, Hannah Oakhill will play a key role in helping the Citi retail banking and wealth business transition to NAB and in navigating the new business operating environment. In August 2021, the US lender […]

The post Citi Australia appoints new wealth management head appeared first on Asian Private Banker.

Citigroup’s CEO Jane Fraser has said that wealth management will be a key business that the group is betting on to improve its profitability in the long run. On Citi Investor Day, hosted in the US overnight, Fraser, admitted that it was “frankly not a surprise” that the bank was outperformed by its peers and failed to meet the expectation […]

The post Citi restates ambition to grow both affluent and PB business on Investor Day appeared first on Asian Private Banker.

In Seoul, KB Kookmin Bank is taking the idea of building its wealth management business to new heights — literally. South Korea’s biggest retail institution is erecting a new seven-storey private-banking centre in the glitzy Gangnam area. Its futuristic design is an apt metaphor for the trajectory not just of KB, but a broader financial sector finally getting serious about […]

The post Why South Korea could be private banking’s next El Dorado appeared first on Asian Private Banker.

With more universal banks in Hong Kong realigning their wealth management businesses to target inflows from a wider wealth continuum, Citi Hong Kong considers its digital solutions as key drivers for its wealth management business, according to Winnie Choi. The head of wealth management of Citi Hong Kong shared with Asian Private Banker that Citi Hong Kong has witnessed robust […]

The post Timely digital solution drives AUM from affluent clients: Winnie Choi of Citi Hong Kong appeared first on Asian Private Banker.

A sell-off in US markets that briefly pushed the country’s benchmark stock index into correction territory may not be over, according to a leading private bank investment strategist in the region. During a roller-coaster session on Wall Street on Monday, the S&P 500 briefly plunged into correction territory before bouncing back late in the session to close 0.3% higher. The […]

The post Will the US market sell-off continue? Asia’s private banks have their say appeared first on Asian Private Banker.

A global economic recovery may look uncertain, but Citi is bullish on the prospects of Hong Kong. The US giant expects Hong Kong’s GDP to grow at 3.8% in 2022, compared to 6.6% in 2021. Citi economist Adrienne Lui remarked that “3.8% of GDP growth for this year is a good sign” during the bank’s Hong Kong market outlook presentation. […]

The post 2022 will be a year of secure and solid recovery for Hong Kong: Citi appeared first on Asian Private Banker.

Citi Singapore has announced a partnership agreement with API Exchange (APIX) a fintech marketplace and sandbox developed by the Monetary Authority of Singapore to foster collaboration between FIs and fintechs. The move will speed up the implementation of new and tested solutions for Citi’s institutional clients and will help Citi to identify solution partnerships faster and in a cost-efficient way […]

The post Citi Singapore partners with APIX to expedite solutions launched for institutional clients appeared first on Asian Private Banker.

In this round-up: Hong Kong’s strict reg environment limits crypto and SPAC activities for FOs; Tighter AML rules affect PB client onboarding; FI executives share views on China’s “common prosperity” drive Hong Kong’s strict reg environment limits crypto and SPAC activities for FOs Hong Kong’s regulatory environment may affect the financial activities that family offices based in the city can […]

The post November Regulatory Round-up: Strict HK regs limit crypto and SPAC activities for FOs; Tighter AML rules affect PB client onboarding; FI executives’ take on China’s “common prosperity” drive appeared first on Asian Private Banker.

Wealthy families may find it hard to jump on the SPAC bandwagon in Hong Kong due to strict criteria that have been proposed for these types of listings in the city, according to Citigroup. Special Purpose Acquisition Companies are “blank-check companies” created to raise funds via an IPO and finance a merger or acquisition within 24 months. Nicholas Aguzin, CEO […]

The post Hong Kong’s SPAC framework may be a challenge for family offices: Citi appeared first on Asian Private Banker.

Citi Private Bank (Citi PB) has hired a new managing director and investment counselor team lead for its Singapore and Malaysia UHNW business, according to a statement from the lender. Based in Singapore, Chia Pei Jet will use her technical expertise and industry knowledge to drive the delivery of investment solutions and advice for the Singapore and Malaysia markets, and […]

The post Citi nabs J.P. Morgan veteran as new MD for South Asia UHNW business appeared first on Asian Private Banker.

Citi on Friday announced the appointment of a global head of D10X for its Institutional Clients Group (ICG). Citi’s ICG serves global corporations, financial institutions and governments. Effective immediately, Victor Alexiev will head the internal incubation programme D10X, leading a global team of former entrepreneurs, innovation strategists, product managers, and venture builders in their development of solutions that are accretive […]

The post Citi appoints global head of incubation programme D10X for Institutional Clients Group appeared first on Asian Private Banker.

Following the green light from the Hong Kong Monetary Authority (HKMA), HSBC and Standard Chartered have kicked off services under the Wealth Management Connect (WMC) scheme, described by one lender as a “game-changer” in the Greater Bay Area (GBA), The 19 lenders that have been approved by HKMA to sell products to mainland China investors through the WMC Southbound Scheme […]

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In this round-up: SFC fines UBS over multiple reg breaches; Hong Kong and Singapore regulators promote use of AML regtech; China strikes balance between inclusive growth and foreign investment SFC fines UBS over multiple reg breaches The Hong Kong Securities and Futures Commission (SFC) fined UBS AG and UBS Securities Asia Limited (UBSSAL) a total of HK$11.55 million for breaches […]

The post August Regulatory Round-up: SFC fines UBS over multiple reg breaches; HK and SG regulators promote use of AML regtech; China strikes balance between inclusive growth and foreign investment appeared first on Asian Private Banker.

Chinese regulators may have taken a more ‘assertive’ stance towards different sectors, but as far as the financial sector is concerned, they have speeded up approvals of foreign investor participation in the onshore market, seemingly wanting to strike a balance between attracting foreign funds and ensuring a more inclusive economic growth. Spanning across the education, healthcare and real-estate sectors — […]

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The first half of 2021 was largely kind to Asia’s private banking business of all shapes and sizes. There was continued momentum in AUM growth among major players, thanks to the lasting market bull run since last year. On the other hand, a notable number of banks saw 1H21 profits breaking records on the back of improved profitability. Across the […]

The post 1H21 bank earnings: momentum in AUM growth persists as many witness record-breaking profits appeared first on Asian Private Banker.

Citi is selling its retail banking business in Australia. The bank on Monday announced it has entered into a sale and purchase agreement with National Australia Bank Limited (NAB). The agreement is structured as an asset and liability transfer, with NAB paying Citi cash for the net assets of its consumer business together with a premium of A$250 million. Under […]

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Citi Private Bank has created the role of a Singapore-based Global Market Manager (GMM) for China to better cater to the wealth management needs of Chinese entrepreneurs based in the Lion City. Lilian Liao will be joining Citi PB later this month in this new role. According to a Citi press release, Liao will be managing a team of private […]

The post Citi PB doubles down on servicing Singapore-based Chinese entrepreneurs with new GMM role appeared first on Asian Private Banker.

Citibank (China) Co., Ltd. (Citi China) last Friday announced that it has secured approval from the China Securities Regulatory Commission (CSRC) to launch securities investment fund custody services onshore. The approval makes Citi China the first major global custodian permitted to operate a domestic Chinese fund custody business. Christine Lam, CEO of Citi China pointed out that its fund custody […]

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Citi Global Wealth (CGW) took in close to US$15 billion in net new money (NNM) from APAC in 1H21, mainly from its wealth hubs in Hong Kong, Singapore, London and UAE. The amount includes US$8 billion added in 2Q21, with AUM growing 21% YoY. A statement from the bank points out that NNM growth has been underpinned by the recruitment […]

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Citi on Tuesday announced a slew of senior appointments in Singapore, including a new Private Banking High Net Worth (HNW) head for Asia Pacific. Following her promotion to new PB HNW head for APAC, effective this month, Chan San-San will continue to be based in Singapore. She will be joining the global private bank leadership team and the Citi Global […]

The post Citi names new PB HNW head for APAC appeared first on Asian Private Banker.

Fixed income asset manager Income Partners on Monday announced that it has mandated Citi to act as fund services provider for Income Partners’ first northbound fund under the Hong Kong-China Mutual Recognition of Funds (MRF) scheme. The Income Partners Managed Volatility High Yield Bond Fund is an existing fund authorised by the Hong Kong Securities and Futures Commission that has […]

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Citi has announced the launch of its Digital Assets Group, a business unit within the Citi Global Wealth Investments (CGWI) division, according to an internal memo seen by Asian Private Banker. “Given the exciting new developments we are seeing around cryptocurrencies, tokenisation and other advances powered by blockchain technology, we are pleased to announce the formation of the Digital Assets […]

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Citi Private Bank has hired a head of family office advisory, private capital group, Asia from UBP. Faye Ong is rejoining Citi PB from UBP, where she was most recently the South Asia head of wealth planning and senior family office adviser in Singapore, as part of the Family Office Services Switzerland (FOSS) headquartered in Zurich. Ong began her wealth […]

The post Citi PB nabs Asia head of family office advisory from UBP appeared first on Asian Private Banker.

Hiring in the private banking sector has been pretty active over the last month, with bankers changing employers (or searching for opportunities to do so) after the distribution of bonuses. A number of banks have announced major multi-year plans to hire over 1,000 client-facing staff, including hundreds of RMs, in order to bolster their wealth management business in the region. […]

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The chairman of Citi Private Bank for South Asia is to take on the added role of head of PB business in South Asia, Citi has announced. Lee Lung Nien, known as Lung in the industry, is a 30-year Citi veteran. His new responsibility will see him “pulling together Citi’s talent, network and broad product platform to deliver excellence to […]

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Citi on Thursday announced its Hong Kong wealth franchise is to add 1,100 professionals — including 550 new relationship managers and private bankers — over the next five years, with a view to supporting client growth. Hong Kong is a key market for the US lender’s regional wealth ambition “to grow regional client AUMs by US$150 billion by 2025 from […]

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Credit Suisse has appointed a new chief investment officer to oversee its Greater China market, according to an internal memo shared by the bank. Based in Hong Kong, Jack Siu will continue to report to John Woods, chief investment officer, Asia Pacific. In his new role, Siu will focus on developing Credit Suisse’s investment views on Greater China across and […]

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Citi today announced the launch of a campaign to drive AUM growth in the APAC region. Apart from major investments in technology, the American lender seeks to hire thousands of professionals. The Win-in-Wealth campaign aims to add in excess of US$150 billion AUM across Citi’s Asia Pacific franchise — including US$120 billion in the HNW segment — and grow its […]

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Citi plans to exit consumer banking in 13 markets across Asia and EMEA as part of an “ongoing refresh” of the bank’s strategy, announced by Citi CEO Jane Fraser. Resources will be redeployed in developing its Global Consumer Bank business in four Global wealth centres ‒ Hong Kong, Singapore, UAE and London. The American lender will exit its consumer franchise, […]

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Citi has named two senior executives as co-heads of Citi Global Wealth (CGW) in Asia Pacific. According to an internal memo, Steven Lo and Fabio Fontainha have been appointed Asia-Pacific co-heads of CGW, the unit which was formed in January and integrates the wealth management teams in the retail wealth management business and in Citi Private Bank. While taking on […]

The post Citi elevates key veterans to head integrated wealth management unit in APAC appeared first on Asian Private Banker.

Citi is planning to hire 1,500 to 1,700 staff in Hong Kong in 2021 due to “record client activity”. Angel Ng, CEO of Citi Hong Kong and Macau, has said in a briefing with local media that the bulk of the recruitment will be frontline staff, to boost the intake of new clients. Other hires will be across product development, […]

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BondEvalue, the Singapore fintech that offers a digital bond exchange based on blockchain technology, has selected Citi as its custodian partner, the bank announced on Monday. The American lender will provide asset safekeeping and servicing solutions to underlying bonds traded on BondEvalue’s digital exchange as fractionalised assets. Founded in 2016, BondEvalue last October launched the world’s first fractional bond exchange […]

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BNP Paribas Wealth Management, which landed a major coup when it named former Citi Private Bank heavyweight Kevin King as its new China market head, has hired two more RMs from the American lender. The bank has appointed Hong Kong-based Jenny Cho as executive director and Tony Hui as senior vice president at the French lender, according to sources close to […]

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BNP Paribas Wealth Management has announced the hiring of a new China market head who recently exited Citi Private Bank. Kevin King, a veteran banker who was until recently at Citi Private Bank, will be taking up the role as head of China market at the French lender, with immediate effect. According to the bank’s press release, King will continue […]

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Citi on Monday said it has appointed a senior executive to its custody and fund services business as the American bank looks to bolster its business in China and Hong Kong. David Brown has been named Asia Pacific head of client executive and account management for custody and fund services, with key responsibilities for client executive and account management teams […]

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Two financial majors are partnering in a Hong Kong-first initiative to stave off the threat from virtual banks and robo-advisors. It will be a test case for legacy financial institutions trying to stay relevant at a time when the COVID-19 pandemic is accelerating digitisation. On Monday, Aberdeen Standard Investments said it is partnering with Citi to distribute its funds on […]

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The ‘Final Word’ series is a year in review by the region’s private banking leaders as they share their thoughts and opinions on key issues around industry trends, business performance, investments, regulations, and technology. For this instalment, Asian Private Banker asked: Both Singapore and Hong Kong are placing a strong emphasis on cultivating a competitive and supportive environment for family […]

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The ‘Final Word’ series is a year in review by the region’s private banking leaders as they share their thoughts and opinions on key issues around industry trends, business performance, investments, regulations, and technology. For this instalment, Asian Private Banker asked: How is your bank optimising the utility of the relevant digital tools to prepare frontline staff for client engagement […]

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