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.
The US bank is seeking to bridge the gap between global and private banking, appointing Ted Teo to facilitate services for HNWIs with institutional client needs.
The offshore CNH platform will be employed in the US within a decade and will be far larger than it is in Hong Kong, predicts Citi Private Bank's chief investment strategist John Woods.
The firm appoints Richard Straus to run its family office for North Asia as part of a global drive, and names Steven Lo as Hong Kong head and hires John Wang from Goldman to run Taiwan.
The firm has hired John Woods from a London-based alternatives firm as it seeks to broaden its investment research and strategy capabilities in Asia-Pacific.
The bank hires Roger Bacon from Union Bancaire Privee as head of managed investments and advisory for Asia-Pacific as it sharpens its regional focus.
Jennifer Tay, currently head of investment advisory and sales, has been appointed to the post and will be replaced by Manav Abrol.