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Citi Launches Personalized Wealth Management Proposition In Singapore, Hong Kong

Citibank has launched a new wealth management proposition Citigold Private Client simultaneously in Singapore and Hong Kong, to cater to the needs of high net worth individuals (HNWIs) with assets under management of between $1m and $10m.

In conjunction with the launch, a new Citigold Private Client Centre was opened at Citibank’s Capital Square Branch, in Singapore. Citigold Private Client provides clients with an access to global banking network, products and services offered across Citi’s entire franchise including transactional banking, capital markets and advisory, and business banking solutions.

Citigold Private Client fits into Citibank’s strategy of servicing clients across the entire wealth continuum, accompanying them as they grow in affluence along their wealth journey. From the emerging affluent (Citigold), to the HNWI, to the ultra HNWI (Citi private bank), Citibank has a customized proposition to suit the appropriate needs of clients in each segment as they grow in wealth and the sophistication of their financial needs.

Citi claimed that clients would benefit from having a disciplined portfolio-based wealth management strategy personalized for them in accordance with their risk appetites and wealth management goals. Rather than a product-driven, piece-meal approach, Citigold Private Client examines clients’ assets in totality, across personal and business wealth, before structuring client portfolios by employing the entire range of financial products and services.

Clients will have access to a broad suite of Citi’s products, from transactional banking to investment products to business banking, as well as its research and advisory services and its global banking network.

Citigold Private Client adopts a team-based approach. Clients will be served by a dedicated Citigold Private Client banker and service manager, together with a team of financial experts including treasury, equity and investment specialists, portfolio counselors and business bankers. The banker and investment specialists regularly revisit clients’ goals and review their portfolios to ensure that the wealth management plans stay relevant and robust.

Citi plans to roll-out the proposition across the region in phases. India and Taiwan are scheduled next for implementation in the second half of the year, followed by Korea, Japan, Malaysia, Indonesia and the Philippines.

Jonathan Larsen, head of consumer banking and global cards at Citi Asia Pacific, said: “Citigold Private Client is unique as an all-encompassing wealth management proposition that meets the full spectrum of clients’ financial needs. We expect our wealth management business to surpass estimated annual growth rates of the combined wealth of HNWIs in Asia.”

Anil Wadhwani, CEO of Citibank Singapore, said: “The affluent in Singapore are discerning in their approach towards growing, preserving and transferring their fortunes. What they seek is a wealth management provider who can deliver a high degree of customer contact and customization in advice and solutions for their portfolios in entirety. Citigold Private Client excels in this respect.”