Citi’s Andy Sieg Targets Front Office Growth in Asia
Citi’s global head of wealth spoke about his optimism in Asia, especially in Hong Kong, and aims to grow the front office in 2025.
In 2024, Citi’s wealth management unit saw client investment assets grow 18 percent year-on-year to $587 billion while net income more than doubled to $1 billion, according to the bank’s financial results. And this year, the American wealth manager will seek further growth, including in Asia.
In an interview with «SCMP», global head of wealth Andy Sieg said Citi will aim to expand the number of private bankers in Asia and the consumer wealth business in Hong Kong by more than 10 percent in 2025.
«We feel the level of energy rising here in Hong Kong, the economy itself [is] recovering, picking up speed,» Sieg said. «Importantly, we also hear from our clients how focused they are on Hong Kong as a place where they would like their family offices to be located and that is a theme.»
