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RETAIL BANKING | Staff Reporter, Australia

Citi Australia dead set on tripling its wealth management business by 2020

The bank will hire 100 new relationship managers over the next three years.

Leveraging its capabilities as a global bank, Citi Australia is repositioning its wealth management business to focus on meeting the needs of Australia’s affluent High Net Worth (HNW) investors, a rapidly growing segment of its client base.

“Citi globally has been an advisor and manager of choice for wealthy individuals and families for the past 200 years, and we see an opportunity to leverage that expertise and better serve and grow our clients in Australia,” said head of Asia-Pacific retail banking Gonzalo Luchetti.

Mr Luchetti continued: “It’s not creating something new for our Australian operation. We have some of the best structured investment offerings in the country, and have been building wealth management relationships with clients for decades. But we want to expand our operation in Australia, offer a more holistic wealth management solution, and drive growth through our relationship managers who are recognised by our clients as industry leading.”

Harnessing the success of 2016, which saw a 30% increase in net new money for investments and 14% increase in assets under management (AUM) year on year, Citi Australia plans to triple the number of its clients in the affluent and high-net worth segment, targeting investors with more than $1 million to invest. The transformation will renew Citi’s focus on client acquisition driven through digital innovation and face-to-face service.

Having recently expanded Citi Australia’s Wealth Management business with new specialist hires, this growth will be supported by:

  • The hiring of 100 new Relationship Managers over the next three years to meet expected client growth and ensure clients have access to a dedicated Relationship Manager.
  • New products and solutions including a digital currency account tailored for clients investing and transacting in a range of currencies.
  • Continued innovation and investment in digital service platforms and the introduction of tools such as Total Wealth Access and Portfolio 360, which provide a holistic view of clients’ investment portfolio; and the roll out of video banking, enabling clients to see and speak with their Relationship Manager and product experts securely via chat, audio and video calls within the Citi mobile app. The new platform can perform secure transactions in real-time, with all relevant data being stored in the cloud.

Mr Luchetti said Australia’s growing number of wealthy individuals means there is significant growth opportunities for Citi’s wealth management business.

“Australia has the third largest pool of high net worth individuals in Asia Pacific with more than 230,000 people with $1 million or more in investible assets; and with nearly 70% of high net worth individuals in APAC holding investments outside their home country, there is opportunity for Citi Australia to leverage its global brand awareness in the region and capture a larger share of this group,” said Mr luchetti.

Citi is among the top three largest wealth managers in the region and provides a range of internationally sourced investment products and services including structured investments, fixed income, managed funds, foreign exchange and financial leverage to high-net worth investors in Australia and the Asia Pacific. With the industry’s largest proprietary network, clients can leverage Citi Australia’s local market expertise and global reach to extract value and insights.

Janine Copelin, Managing Director and Head of Retail Banking at Citi Australia, said the consumer banking landscape in Australia is constantly evolving which is why the focus for Citi remains on providing remarkable banking experiences for clients.

“Citi is well placed to capture a greater share of the high net worth market in Australia given Citi’s global expertise in private banking, and a deep local understanding of this segment’s priorities and drivers that are steeped in credible research and insights. 

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