Citigroup has appointed Ida Liu, who has been leading its private bank in North America, as its new global head of private banking.
In her new role, Liu will manage the part of the unit that services over a quarter of the world’s billionaires and other UHNW clients, Bloomberg reported based on a memo to staff signed by Citigroup head of global wealth division Jim O’Donnell.
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The move comes as Citigroup focuses on developing its newly formed wealth arm, Citi Global Wealth.
In addition to Liu’s appointment, Citigroup has named a number of new regional wealth-management heads.
The firm has appointed Fabio Fontainha and Steven Lo to lead its wealth-management franchise in Asia.
Fontainha and Lo currently head retail-banking and private-banking units, respectively, in the region.
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By GlobalDataCitigroup has named Luigi Pigorini to oversee the business in Europe, the Middle East and Africa.
Fontainha, Lo and Pigorini, along with Liu, will report to O’Donnell.
O’Donnell has been quoted as saying in the memo: “Global wealth continues to grow at an unprecedented pace, with the market in Asia rivalling that in the US, and Europe showing renewed momentum. Our clients are looking for more.”
“This strong global, regional, client and product focus will help us deliver a differentiated value proposition to all client segments,” he was quoted as saying.
Other appointments
Citigroup’s chief investment officer and global head of investments David Bailin will have the additional responsibility to form Citi Global Wealth Investments (CGWI).
This unit will combine investment teams from the private bank and the consumer bank globally.
Giuliano Malacarne, in addition to being the head of investment finance for the private bank, will now also coordinate the delivery of banking and lending products to wealthy clients.
His team will manage investment financing services, including art advisory, aircraft leasing, commercial real estate, and margin lending.
The group has chosen Naz Vahid, head of the bank’s law firm group, to spearhead a strategic expansion of the team globally.
Eduardo Campos will become CGW chief operating officer while Ronna Glick will CGW as its global head of client strategy and client analytics.
Running Du, who is currently part of Citi’s corporate strategy team, will take over as the group’s chief of staff.
