Citi’s Asia investments sales up 80% YoY
Doom and gloom does not seem to apply to Citi’s $200 billion wealth management business in Asia. It is one of the few distributors in Asia not to have cut back on its list of manufacturers.
Net sales of investment products by Citi to individual retail and high-net-worth clients around the region are up 80% year-on-year through July, with over $3 billion of net inflows, the firm says.
Paul Hodes, Singapore-based managing director and head of wealth management for Asia-Pacific, notes its Asia business now has over $200 billion of assets under management.
This covers the four main segments of wealth management: mass retail; Citi Gold (up to $1 million of banked assets…
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