Citi aims to grow Asia wealth management client base by 10%

This article is more than 12 months old

Mar 27, 2019 06:00 am

HONG KONG: Citigroup said yesterday it planned to grow its Asia-Pacific wealth management client base by 10 per cent this year, stronger than the 8 per cent growth it posted in 2018, as it hires more client advisers and boosts digital offerings.

Citi's wealth management business, which is a part of its consumer banking unit, targets clients in Asia Pacific with investible assets of between US$100,000 (S$135,100) and US$10 million in 17 markets. Asia has become the main battleground for global wealth managers, including Credit Suisse, HSBC and Standard Chartered Bank, looking to benefit from surging incomes in countries such as China and India.

Asia Pacific saw total household wealth grow by 3 per cent in 2018 from a year ago to US$114.6 trillion, making it the largest wealth region globally and putting it ahead of the US and Europe, according to a Credit Suisse global wealth report.

With US$256 billion worth of assets under management in 2017, Citi ranks second in the Asia wealth management league table after Swiss bank UBS, according to data compiled by Asian Private Banker.

"We are confident the investments we have made and continue to make will support double-digit client growth rates in 2019," said Citi's Mr Gonzalo Luchetti.

Growth will be driven by increased investments the bank plans to make to bolster the headcount for client relationship managers and usage of digital technology to offer wealth advice, the company said. - REUTERS