Citi Australia plans to triple the size of its local wealth management business in the next three years to capture affluent High Net Worth (HNW) investors – those with more than $1 million to invest.
The investment bank says it will hire 100 new relationship managers over the next three years to meet expected client growth and ensure they have access to a dedicated manager.
The focus on wealth management in Australia follows similar expansion in Asia Pacific, with Citi seeking mid-teen growth of its affluent client base in the region in 2017. Citi currently manages $US218 billion across the region and has more than 400,000 investment clients.
Citi Australia in 2016 grew its net new money for investments by 30% and increased assets under management by 14%.
“It’s not creating something new for our Australian operation,” says Gonzalo Luchetti, Citi’s head of Asia-Pacific retail banking.
“We have some of the best structured investment offerings in the country, and have been building wealth management relationships with clients for decades.
“But we want to expand our operation in Australia, offer a more holistic wealth management solution, and drive growth through our relationship managers who are recognised by our clients as industry leading.”
Australia has the third largest pool of high net worth individuals in Asia Pacific with more than 230,000 people with $1 million or more in investible assets.