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Citi intensifies private wealth focus in Asia

Citi intensifies private wealth focus in Asia

Citi has appointed Kevin Lam as Asia Pacific business development head between Citi’s Private Bank and Citi’s Corporate and Investment Bank.

This is in addition to his existing role as COO of Hong Kong Corporate and Investment Banking.

In this new role, Lam will further develop the partnership between Citi’s private bank and corporate and investment bank across Asia Pacific.

Lam will report to Mark Slaughter, head of Corporate and Investment Banking Asia Pacific and Bassam Salem, Citi Private Bank CEO for Asia Pacific.

‘Citi banks over one third of the region’s billionaires and a priority is to ensure they are using Citi’s products across our institutional platform, like our corporate and investment bank clients,’ said Slaughter.

‘Private bank clients are already well connected to Citi’s wider institutional business in the region but we have room for further growth opportunities to support our clients’ needs. This is an important strategic objective to grow share of mind and wallet with our private bank clients and I look forward to Kevin’s leadership in achieving this growth,’ said Salem.

Lam joined Citi in 2001, working in Hong Kong and New York in various roles in Corporate and Investment Banking, Treasury and Trade Solutions and the Private Bank.

He was appointed to the CCO of Hong Kong Corporate and Investment Banking role in January 2012 and is a member of the bank’s Hong Kong Executive Committee.

Trustee services launch

In other developments, Citi Singapore has announced that it has received a trust business license to expand its trustee services for collective investment schemes in Singapore.

For over 15 years, Citi has been providing trustee services to Singapore authorised collective investment schemes offered to retail investors.

With the new license, Citi Singapore’s trustee services unit, Citicorp Trustee (Singapore) Limited, is able to also act as trustee for Singapore collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.

The increase in the number of funds offered by investment managers to institutional and accredited investors as Singapore develops itself as a global wealth management hub is the key driver for Citi’s expansion, the firm said in a statement.

Caroline Chan, APAC head of trustee & fiduciary services, added, ‘Citi Trustee Services has seen strong growth across Asia Pacific in the last few years and the ongoing enhancement of services we provide to Singapore’s asset management industry is a key initiative in our regional strategy.’

Citi currently provides trustee and fiduciary services to investors in over 10 countries globally.

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