Citi has hired close to 650 wealth professionals in the Asia-Pacific region so far this year, including more than 130 relationship managers (RMs) and private bankers (PBs) to support client-led growth. In the first quarter of 2021, Citi added over US$5 billion in net new money, marking one of the strongest quarters for the bank on record.

The hiring is part of plans to add an extra 2,300 wealth staff, including 1,100 RMs and PBs to support clients, and grow client assets by US$150 billion by 2025.

Asia-Pacific is a key market for Citi’s global wealth ambition. Citi recently announced at its first-quarter earnings presentation that it was doubling down on wealth management, with a focus on Hong Kong, Singapore, UAE and London.

In January, Citi announced the formation of Citi global wealth (CGW), aligning the private bank and the consumer wealth business under the leadership of Jim O’Donnell, head of Citi’s global wealth division, and formerly global head of investor sales and relationship management. Leveraging Citi’s aspirational wealth management brand, CGW’s strategy is focused on delivering the firm’s global network, high-quality research and leading capital markets expertise.

“We are putting the full force of the firm behind this effort to create a single, integrated wealth platform that will serve all clients, providing tailored capabilities for affluent individuals to ultra-high-net-worth (UHNW) families,” O’Donnell says.

In 2020, Citi in the region recorded over US$20 billion in net new money inflows, marking a record year for the bank, which is already among the top three wealth managers in Asia-Pacific.