Citi, in the first half of 2021, attracted close to US$15 billion in net new money (NNM) across its Asia-Pacific wealth management business, Citi Global Wealth, the majority from the bank’s wealth hubs, marking one of the strongest half-year results on record for the bank’s wealth business, which included adding US$8 billion in the second quarter with assets under management up 21% year on year.

The strong NNM growth was supported by the hiring of several hundred wealth professionals in the region, which is part of plans to add an extra 2,300 wealth staff, including 1,100 relationship managers and private bankers to support clients and grow client assets by US$150 billion by 2025. 

The growth came across the bank’s client base, from affluent to high-net-worth and ultra-high-net-worth individuals, and was underpinned by strong investment sales.

“We are capturing market share as Asian clients increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” says Peter Babej, Citi CEO Asia-Pacific.

Asia-Pacific is a key market for Citi’s global wealth ambition. Citi announced at first-quarter earnings in January that it is doubling down on wealth with a focus on four wealth centres in Hong Kong, Singapore, London and UAE.

In January, Citi announced the formation of Citi Global Wealth after merging its private bank and consumer wealth businesses.