Citi Private Bank has hired a former UBS executive to lead coverage of the high net worth market in Hong Kong and Greater China, finews.asia has learned.
Keith Lee joins Citi Private Bank as Hong Kong high net worth (HNW) market manager, according to an internal memo seen by finews.asia. In his new role, he reports to HNW head for APAC San-San Chan.
Lee has more than 25 years of financial experience, most recently at UBS where he spent 16 years. Previously, he also worked at Bank of China, Citibank, ABN AMRO Private Bank and Standard Bank Private Bank.
A spokesperson for the bank confirmed the contents of the memo.
Wealth Ambitions
Compared to the past when various parts of the wealth management business operated separately by segment, which was largely defined by account size, Citi last year announced a reorganization into a single, unified unit called Citi Global Wealth (CGW). Global private banking head Ida Liu told finews.asia last year that this would enable more clients to benefit from greater access to the full platform of products and services.
«Under our new structure, we can maximize and leverage our capabilities across different areas including technology, apps, products, services and more,» Liu said. «More clients will be able to leverage a powerful platform that can more holistically service their needs across the wealth spectrum.»
The CGW unit has strong growth ambitions with the goal of adding over $150 billion in assets under management in Asia by 2025.
Citi joins a growing number of wealth managers that are placing increasing focus on the mass millionaire market in the region including Swiss giants UBS and Credit Suisse.
