Best for UHNW in Asia 2023
With more than $740 billion in client assets in its global wealth management business, Citi embodies the modern-day financial behemoth.
For all its scale, though, Citi Private Bank hasn’t lost the ability to customize its way of doing business, not just to succeed in Asia but to set the pace.
In the 1980s, it was the first multinational financial institution to establish an onshore private banking model in Asia. It has not looked back.
Last year was a record one for new client acquisitions, with new qualified customers surpassing its 2022 target – bringing in $7 billion worth of fresh assets under management, or AuM. With more than 300 private bankers and investment counsellors in the region, Citi banks one third of Asia’s billionaires. From offices in Hong Kong and Singapore, its Asia Pacific operation serves clients in 13 countries.
Equally important, Citi is the only global institution serving the entire wealth continuum, each with a specific strategy: the emerging affluent, affluent, high net-worth, ultra-high net-worth and mega wealthy. And despite global headwinds coming from all directions, Citi’s alternatives business recorded a 22% year-on-year revenue rise in 2022.