Citi names new global private head in raft of wealth management changes

Citi has named Ida Liu as its global head of private banking as it unveiled the senior team for its recently formed global wealth management business.

Liu, who was previously Citi's head of the private bank in North America, will oversee the part of the unit that caters to more than a quarter of the world's billionaires and other ultra-high-net-worth clients, according to a memo seen by Bloomberg to staff signed by Jim O'Donnell, head of the firm's global wealth division.

"Global wealth continues to grow at an unprecedented pace, with the market in Asia rivaling that in the US, and Europe showing renewed momentum," O'Donnell said in the memo. "Our clients are looking for more."

The firm's wealth-management franchise in Asia will now be led by Fabio Fontainha and Steven Lo, who currently lead the region's retail-banking and Giuliano Malacarne will now coordinate the global wealth unit's banking and lending products, with a focus on art advisory, aircraft leasing, commercial real estate and margin lending.

David Bailin, the firm's chief investment officer, will form a new group called Citi Global Wealth Investments that brings together the investment teams from the private- and consumer-banking arms.

The firm is planning to expand its law-firm group, which provides advice to law firms and their partners. That effort will be lead by Naz Vahid, who will remain head of the overall group.

"This strong global, regional, client and product focus will help us deliver a differentiated value proposition to all client segments," O'Donnell said in the memo.

Bloomberg also cited further people changes announced in the memo:

• Jose Fuentes, who's run Citigroup's private-banking arm in Latin America for more than a decade, has told the firm he'll retire.
• Running Du, currently a member of Citigroup's corporate strategy team, will be chief of staff for the new global-wealth unit.
• Eduardo A. Martinez Campos will become the global wealth unit's chief operating officer, while Ronna Glick will become global head of client strategy and analytics.
• David Poole will continue as head of US consumer wealth.

Subscribe to International Investment's free newsletter