Citi has appointed Fabio Fontainha and Steven Lo as co-heads of Citi Global Wealth in Asia-Pacific. Formed in January this year, Citi Global Wealth unifies the wealth management teams in consumer banking (which covers the retail wealth management business) and the institutional clients group (which covers Citi Private Bank).
With approximately US$300 billion in assets under management, Citi ranks among the top three wealth managers in the region. In 2020 the bank saw record net new money inflows of over US$20 billion across its regional franchise.
In a memo to staff regarding the appointments, Citi’s Asia-Pacific chief executive officer Peter Babej says: “The Asian wealth management sector stands out for its scale and growth prospects, driven by the emergence of a vast middle class and the rapid development of regional capital markets. Pulling together our industry-leading talent, distinctive global network and broad product platform, we are well-positioned for market leadership.”
Last year Citi opened its largest wealth hub globally in Singapore, which has announced plans to double AUM by 2025 in the market and triple the number of clients in the same period.