Client assets at Citi’s Wealth Management businesses in Asia have topped the quarter of a trillion dollars mark for the first time in the bank’s history. At the end of May, Citi Asia had US$251 billion in client assets under management, up 10% year-on-year.
This growth was driven primarily by an increase in new clients and net new funds across the bank’s full wealth continuum platform that serves clients ranging from the emerging affluent to the region’s billionaires.
Citi’s Wealth Management offering in the region has differentiated services, advisory and products. These are Citigold for clients with investible assets of up to US$1 million at Citi, Citigold Private Client for US$1-US$10 million and Citi Private Bank for US$10 million and over.
Supporting the growth in assets is Citi’s strategy to differentiate itself by offering best-in-class products, research and access to its global network. Key to this strategy is Citi’s ability to deliver value to clients by offering them appropriate solutions from its wealth continuum platform.
“The ability to offer retail investors access to world class institutional funds has underpinned the growth in assets. As Asia’s leading wealth manager, the growth is also testament to the confidence our clients have in our brand,” said Stephen Bird, Citi’s CEO for Asia-Pacific.
Citi offers wealth management services to over 630,000 clients in 13 countries across Asia.