Word: citigroups
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...according to Ong, assets under management in Singapore are growing by 20% a year. Growth rates like that make it the fastest-growing private-banking market in the world, says Scott of BCG. And the world's largest financial institutions?among them HSBC, UBS and Citigroup?are expanding their Singapore presence. Credit Suisse, for example, currently employs roughly 500 private bankers in Singapore, more than any place outside Switzerland?and the bank has plans to hire 100 more this year. Bank Julius Baer, the venerable Swiss private bank, has similarly high expectations. "We're trying to position Singapore...
...Slowing down, however, is the opposite of what's happening in private banking in Asia, where the business of helping wealthy individuals manage their fortunes is growing so fast that there's a shortage of bankers. The industry's largest players are planning for a rosy future: Citigroup Private Bank, a division of U.S. financial-services giant Citigroup, says it has already captured half of Asia's approximately 88 billionaires as clients, even as it launches operations in the relatively untapped markets of China and India. Also expanding their Asia footprints are Swiss behemoths such as Credit Suisse...
...risk-high-return hedge-fund portfolio, investing in emerging-markets property or establishing a charitable foundation. "The profitability comes in because the client has many different relationships with the bank in terms of private equity, real estate, trusts and stockbroking," explains Deepak Sharma, chief executive of Citigroup's global wealth-management arm for Asia and the Middle East. "This relationship is very deep and very broad." It can also be very close-knit, going beyond the nuts and bolts of standard personal finance. Citigroup Private Bank and UBS host wealth-management training sessions for the sons and daughters of their...
...long-term investors may want to think less about timing and more about diversification. Financial planners recommend allocating as much as 5% to emerging markets but generally no more, considering the risk (think Nigeria or Venezuela). When culling the world markets, Clark Winter, chief global investment strategist at Citigroup Global Wealth Management, looks for macroeconomic drivers. The big one historically has been U.S. monetary policy, and domestic interest rates still hold a lot of sway over what happens abroad...
...Citigroup...