Increasing wealth in Asia has lifted the fortunes of Citi Private Bank's fledgling North America Asian Clients Group. Since the group was formed in September of 2011, it has increased its client base by 10% and its assets under management by over 40%, says the group's managing director and leader Ida Liu.
The group has also recruited "top industry talent" over the last 12 months in New York, San Francisco and Los Angeles to "capture additional market share from one of the world's fastest growing ultra-high-net-worth segments," the bank said in a press release.
Jane Bachmann, the group's first big hire, joined in February as a director and ultra-high-net-worth private banker in San Francisco. She was previously a managing director and partner with The Presidio Group, where she provided wealth management strategies to U.S. and Asian high-net-worth individuals, family offices and non-profit organizations.
Denise Yi joined the team in August as a vice president and ultra-high-net-worth private banker, based in Beverly Hills. She was formerly with HSBC where she worked closely with Asian ultra-high-net-worth clients in the Los Angeles marketplace.
Diana Ding was the most recent hire, joining the group last month as a vice president and associate banker in New York. She was previously a senior associate and lead North America equity index strategist within Citi's Institutional Clients Group.
Bachmann, Yi and Ding will work closely with Citi Private Bank to build the group's Asian client market share in each of their local markets, Citi said in the release.
Liu attributed the growth of the business over the past year to the alignment of the bank's wealthy Asian clients with dedicated bankers in the group. Citi Private Bank's global presence and "all-encompassing wealth management platform" also played a big role in attracting new business, she said.
"By adding top industry talent to our ACG team in New York, San Francisco and Los Angeles, we are exceptionally well-positioned to serve our Asian clients in these markets and provide highly customized offerings including tactical trading and investment ideas, real estate strategies, cross-border trust and estate planning, foreign exchange and global reporting," Liu said in a statement.
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