Citi Private Bank is finding it hard to hire suitable talent for its discretionary portfolio management business – and it is not alone on that front.
A former team head for the Singapore market at Citi Private Bank has moved to a similar role as a managing director at the German firm.
Economic turbulence in 2011 did not prevent the number of ultra-wealthy climbing 7% last year, with emphasis shifting to the East, finds a World Wealth report set to be issued today.
The US bank promotes Sameer Kaul from within to replace Tashwinder Singh, who has joined his former boss in private equity firm KKR's build-out in Mumbai.
A systematic reduction in equity risk and macro uncertainty is driving wealthy and top-end retail clients into hedge funds and even more illiquid asset classes, says Citi Private Bank.
Bassam Salem is hired to replace Aamir Rahim, who becomes regional head of the public sector group to provide investments to government bodies and sovereign wealth funds.