Citigroup has appointed a new leader for its hedge fund investments within the wealth management unit, reinforcing its commitment to alternative assets for wealthy clients. The move comes as the bank seeks to expand its offerings in private markets and hedge funds.
New appointment details
The new head, whose name has not been disclosed, will oversee the selection and management of hedge fund investments for Citi's wealth clients. This role is part of the broader wealth team that manages assets for ultra-high-net-worth individuals and family offices.
According to an internal memo seen by Financial News, the appointment reflects Citi's strategy to deepen its alternative investment capabilities. The bank has been actively hiring in this area, aiming to provide clients with access to top-tier hedge funds and private equity opportunities.
Impact on wealth management
Citi's wealth division has been under pressure to boost performance and attract more assets. The hedge fund segment is a key growth area, as wealthy investors increasingly seek diversification beyond traditional stocks and bonds. The new hire is expected to strengthen the team's ability to source and evaluate hedge fund strategies.
A Citi spokesperson declined to comment further on the appointment. The bank's wealth management unit reported $260 billion in assets under management as of the end of 2023, with alternative investments accounting for a growing share.
