Since May 30, AsianInvestor has published explanations of why the winners of its marquee Asset Management Awards scooped their prizes (see below for the links). These were presented at a celebratory dinner on May 29 (click here for a gallery of photos).
We feature a detailed write-up on all our award winners in the June edition of AsianInvestor magazine.
Consumer bank of the year
Citi’s wealth management’s Asia business rode out powerful headwinds to enjoy strong performance, partly as a result of its enhanced portfolio management tools, digitalisation and client engagements.
Net new money and client numbers increased. Its overall AUM rose $3.2 billion to total $210 billion in 2015, of which consumer banking accounted for 70%. The growth came organically too.
The bank continued to enhance its client engagement tools, such as rolling out the Portfolio 360 offering to new markets and launching the new Citigold Diversification Index (CDI). Portfolio 360, aimed at high-net-worth investors, provides comprehensive investment analytics reports. Meanwhile the CDI assesses client’s portfolio diversification across asset classes and level of concentration into products.
In addition, the US bank scored high in the Net Promoter Score surveys of the affluent segment. It ranked first in nine out of 11 markets in Asia. The survey measures how many of a bank’s affluent segment will actively promote and recommend the service to friends.
Product-wise, Citi expanded its open-architecture fund offering to include liquid alternatives, and continued to onboard new funds to offer non-correlated products. It also moved to further enhance the wealth management knowledge of its relationship managers, partnering with the prestigious Wharton Business School of the US on a three-year executive education programme.
The other marquee winners highlighted so far: