Citi plans to increase its AUM in the region by adding $150bn of new client assets. Credit: Open Grid Scheduler / Grid Engine/ Flickr (Creative Commons)

American banking giant Citi has opened a new wealth management centre in Hong Kong to serve the wealthy clients.

Situated in Kowloon district, the branch represents the company’s first Citi Global Wealth (CGW) Centre in Hong Kong.

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The centre, which is more than 10,000ft2 in size, will cater to the requirements of Citigold Private Clients and Citi Private Bank clients.

Citi has created Citi Global Wealth after combining consumer and private banking businesses last year to provide solutions to mass affluent and ultra-high-net-worth customers as well as family offices.

Citi Global Wealth has nearly $200bn in assets under management (AUM) on behalf of more than two million clients in Asia.

The bank aims to increase its AUM in the region by adding $150bn of new client assets by 2025.

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Citi Global Wealth head of Asia Angel Ng said: “As a top-three wealth manager in Asia, we are well positioned to capture Asian clients’ growing appetite for wealth solutions and back them up with the best of both worlds, high-tech and high-touch.

“Hong Kong is one of our leading global wealth hubs and today’s opening underlines our commitment to invest further to support client led growth in Hong Kong and across the region.”

Last month, Citi Private Bank announced the appointment of Keith Lee as its new market manager of high net worth (HNW) unit in Hong Kong.

Lee, who was previously with UBS, will report to Citi’s HNW head of APAC San-San Chan.