KUALA LUMPUR (Dec 16): Citi has, to date, recorded over US$20 billion (RM81.11 billion) in net new money across its regional wealth management business — a record high for the group — surpassing last year's total by over 10%.

In a statement, the bank said this has raised its total assets under management (AUM) to US$285 billion, which ranked Citi among the top three wealth managers in Asia Pacific.

The result includes its Consumer Banking Wealth Franchise and Private Bank (CPB), which covers emerging affluent to ultra-high-net-worth clients.

The bank's wealth franchise includes Citi Priority (emerging affluent customers), Citigold (affluent), Citigold Private Client (Core HNW) and Citi Private Bank (Upper HNW and Ultra HNW). As for CPB, it counts approximately one-third of the region’s billionaires as clients.

Citi Asia Pacific chief executive officer Peter Babej said the Asia Pacific wealth market stands out in its scale and growth potential.

“And this is not a cyclical opportunity — it is structural, driven by the emergence of a vast middle class and the rapid development of regional capital markets. Along with macro-level asset growth, Asian customers increasingly require portfolio advice, design and allocation geared toward diversification of asset types and geographic exposures,” he said.

“As the world’s most global bank, with broad-based expertise across investment products, we are strongly positioned and fully committed to serving these needs. We are already a market leader in the region, and taking this business to the next level is a strategic priority,” he noted.

Going forward, Babej said the bank would continually invest in people and technology to remain at the forefront of this fast-moving business.

“As we grow our wealth operations, we are focused on first-rate service — and that means staying ahead in technology. Clients increasingly want world class advisory delivered on their preferred terms — online, face to face, or both,” added Babej.

Citi added that its new mobile banking experience, with enhanced wealth management tools, has driven significant client momentum and growth in mobile users by over 1 million.