Citi in Asia Pacific posted record-high net new money of $20 billion across its wealth management business in the region. This represents a 10 percent year-on-year increase, according to a statement from the bank, and pushes total assets under management across the wealth business to $238 billion with approximately one-third of billionaires in the region as its clients.
The figures include the whole wealth business covering from emerging affluent to ultra-high net worth clients including Citi Priority, Citigold, Citigold Private Client, and Citi Private Bank.
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 Peter Babej, Citi’s APAC CEO. Along with macro-level asset growth, Asian customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures.
Not unlike its industry competitors, Citi is also boosting investments in technology with a new mobile banking platform that boasts enhanced wealth management tools and user growth of over 1 million.
As we grow our wealth operations, we are focused on first-rate service – and that means staying ahead in technology, Babej said.
Clients increasingly want world-class advisory delivered on their preferred terms – online, face-to-face, or both. Our wealth centers, with world-class RMs leveraging digital wealth management solutions, are geared to delivering the customized value propositions that our clients require.
Also not unlike others, Citi also believes that the human touch remains very much relevant in the wealth management industry despite rapid technological advancements. The bank’s relationship managers are currently trained by the Citi Wharton Global Institute, a joint executive education program launched with business school Wharton in 2015.
We continually invest in both our people and our technology to remain at the forefront of this fast-moving business,” Babej added.