Citi Names Wealth Co-Heads for Asia Pacific
In this article (5)
Citi made a raft of new appointments to its wealth management unit including the promotion of its Asia head of private banking.
Citi named Steven Lo co-head of the wealth unit in the region alongside APAC head of retail banking Fabio Fontainha, according to an internal memo.
Lo was named Asia head of the private bank in 2017, succeeding ex-head Bassam Salem.
The bank also appointed Ida Liu – most recently head of the private bank in North America – as the global head of private banking, overseeing the bank’s private capital group, global trust, and private bank global marketing operations.
Other notable appointments for the wealth business include chief operating officer Eduardo A. Martinez Campos and chief of staff Running Du.
Chief investment officer and global head of investments David Bailin will form a group that combines investment teams from the private bank and consumer bank globally.
Head of investment finance for the private bank Giuliano Malacarne will expand his remit and coordinate the delivery of banking and lending products to wealthy clients.
The appointments coincide with the bank’s reorganization of its wealth business to encompass the full spectrum from emerging affluent to high net worth clients.
Our clients are looking for more — whether it’s access to investment opportunities and advice, tools and analytics, a focus on environmental, social and governance concerns or more engaging digital experiences, said Jim O’Donnell, Citi’s head of global wealth in the memo.
Questions & Answers
Q.Who are the new co-heads of Citi's wealth unit in the Asia Pacific region?
Who are the new co-heads of Citi's wealth unit in the Asia Pacific region?
Steven Lo, previously Asia head of private banking, has been appointed alongside Fabio Fontainha, who is the APAC head of retail banking. They will jointly lead the wealth unit across the region.
Q.What is the new role for Ida Liu within Citi's private banking division?
What is the new role for Ida Liu within Citi's private banking division?
Ida Liu, most recently head of the private bank in North America, has been appointed as the global head of private banking. She will oversee the private capital group, global trust, and private bank global marketing operations.
Q.How is Citi restructuring its investment teams as part of these changes?
How is Citi restructuring its investment teams as part of these changes?
David Bailin, the chief investment officer and global head of investments, will form a new group. This group will combine investment teams from both the private bank and the consumer bank on a global scale.
Q.What is the stated reason for Citi's reorganisation of its wealth business?
What is the stated reason for Citi's reorganisation of its wealth business?
The reorganisation aims to encompass the full spectrum of clients, from emerging affluent to high net worth individuals. This is to meet client demands for more investment opportunities, advice, tools, analytics, and digital experiences.
Reader pulse
Citi's wealth management changes: Smart move?
15,761 votes so far