Citi Global Wealth APAC sees $15b net new money inflow in H1
About $8b were added in Q2.
Citi Global Wealth attracted close to $15b in net new money from the Asia Pacific region in the first half of 2021, marking one of the bank’s strongest half years on record for its wealth business.
About $8b of the net new money was added in the second quarter (Q2). Assets under management for the quarter is up 21% compared to Q2 2020.
“We are capturing market share as Asian clients increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” said Citi CEO APAC Peter Babeh.
The strong growth was also supported by the addition of several hundred wealth professionals in the Asia Pacific so far this year, Citi said in a press release. 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 $150b by 2025.
Growth came across the bank’s client base from affluent to high net worth and ultra-high net worth and was underpinned by strong investment sales.