Print this article

Citi Intensifies Focus On UHNW Asian Clients In North America

Eliane Chavagnon

2 October 2012

Citi Private Bank’s North American Asian clients group has expanded into New York, San Francisco, CA, and Los Angeles, as it looks to capture additional market share from what it believes is one of the world’s fastest-growing ultra high net worth segment, the firm said today.

The group is led by Ida Liu, managing director and head of the North America Asian clients unit, and has been bulking out its workforce across these markets over the past year.

In February, Jane Bachmann joined as a director and UHNW private banker, based in San Francisco, CA. Bachman joined from The Presidio Group in San Francisco, where she was a managing director and partner, focused on providing wealth management strategies to both US and Asian high net worth individuals, family offices and non-profit organizations.

More recently, in August Denise Yi was brought in as a vice president and UHNW private banker, based in Beverly Hills, CA. Yi joined from HSBC, where she was a vice president and private banking relationship manager within the firm's Beverly Hills office. During her five-year stint at HSBC, Yi worked closely with Asian UHNW clients in Los Angeles. At Citi Private Bank, she will work closely with the LA team on building the group’s local Asian client base.

Finally, last month Diana Ding was appointed as a vice president and associate banker in New York. Ding joined from Citi’s institutional clients group in New York, where she was most recently a senior associate and lead North America equity index strategist. In her new role, she will work alongside the bank's New York Metro team.

The services offered to Asian clients include tactical trading and investment ideas, real estate strategies, cross border trust and estate planning, foreign exchange and global reporting.

Liu said the group has significantly grown its Asian clients base - in addition to its assets under management - over the past year. "We attribute this growth to the better alignment of our UHNW Asian clients with dedicated Asian clients group bankers, providing customized services and the ability to deliver global solutions,” she added.