Building DPM teams is tough, says Citi's Bacon

Citi Private Bank is struggling to find suitable talent to build discretionary portfolio management (DPM) capabilities, according to one of its senior executives. This has been an issue for the firm for five years now, and it is not the only wealth manager facing this challenge.   At big fund houses, portfolio managers are supported by marketing and sales professionals, said Roger Bacon, Asia-Pacific ex-Japan head of managed investments and advisory. But when PMs move to private b…