Citigroup is bringing in Adam Clark to take charge of wealth planning, according to a memo seen by Private Banker International and confirmed by a spokesperson.
He takes over from Mike Troth, who has been covering the job on an interim basis.
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In the memo, Glenfield said: “I would like to express my sincere gratitude to Mike Troth for his outstanding leadership as interim head of the global Wealth Planning team.
“Under his guidance, the team has continued to serve as a highly valued, trusted partner to our bankers and clients worldwide, remaining a cornerstone of our UHNW growth strategy.”
Adam is due to take up the Citi role in November after completing garden leave. He will operate out of New York.
He will report to Citi Wealth investment solutions head Keith Glenfield, while Mike Troth, Elena Mortemore and Robbert Stemmons, the regional Wealth Planning leads, will report to Adam.
Glenfield said: “His extensive background will be a tremendous asset to our franchise as we continue to elevate our service and advisory capabilities for our UHNW clients globally.”
Adam is joining from J.P. Morgan, where he held the role of global head of Trusts and Estates.
He was responsible for the bank’s worldwide trusts and estates operation, covering six operating entities and 500 staff across 40 offices in the US, Caribbean, Europe and Asia.
In that position, he worked with the private bank’s most complex international families on financial matters and on business development involving UHNW clients.
Earlier in his career, Adam spent seven years at Goldman Sachs before joining J.P. Morgan in November 2016.
His roles there included president of the Goldman Sachs Trust Company and head of the International Strategic Wealth Advisory Team.
Separately in June, Citi appointed Rajeev Garg to oversee its wealth operations at Citibank in the United Arab Emirates, according to a press release carried by Zawya.
His responsibilities include expanding the bank’s wealth segment in the country across Citigold, Citigold Private Client and credit cards. He is also tasked with maintaining risk and control procedures in line with global standards and local regulatory rules.
