The will include 550 new relationship managers and private managers over the next five years.
Citi is planning to add 1,000 professionals in Hong Kong across its wealth franchise amidst the client-led growth of that business.
This includes 550 new relationship managers and private bankers over the next five years. It has hired 75 managers and private bankers in the city so far this year.
“We are well positioned to capture the strong growth opportunity by supporting our growing client base especially in light of Wealth Connect and the Greater Bay Area opportunity,” Citi Hong Kong and Macau CEO Angel Ng said.
“This includes both traditional retail wealth but also growing entrepreneurial wealth where we can connect founders and their companies to our leading institutional franchise across areas including commercial banking, capital markets and corporate banking.”
Citi considers Hong Kong a key market for its regional wealth ambition to grow regional client assets under management by $11.650t (US$150b) by 2025 from $2.40t (US$310b). In its annual Hong Kong Affluent Study, Citibank found the number of ultra-rich in Hong Kong rose 25% year-on-year in 2020.
This also followed Citi’s January announcement that it will create the Citi Global Wealth that aligns its private bank and consumer wealth business. It will be led by Jim O’Donnell, former Global Head of Investor Sales and Relationship Management.
In 2020 Citibank recorded over $155.3b (US$20b) in net new money inflows in the region; whilst in the first quarter of 2021, Citi added over $38.8b (US$5b) in net new money.
