By Scott Murdoch
HONG KONG (Reuters) - Citigroup (NYSE:C) has set a target to hire 1,000 wealth professionals in Hong Kong in the next five years, as it seeks to grow its Asian client assets under management by $150 billion following a record year, a statement from the U.S bank said.
The recruitment campaign has already started, with 75 private bankers and relationship managers hired so far in 2021 to build on the $310 billion Asian assets under management to date.
The headcount target will include 550 new private bankers and relationship managers by 2025, the statement said.
Citi in the region recorded over $20 billion in net money inflows marking a record year for the bank in 2020, it said.
In the first quarter of 2021, Citi added more than $5 billion more in net new money.
Citi Hong Kong Chief Executive Angel Ng said the bank would target the "traditional retail wealth but also growing entrepreneurial wealth" emerging in Hong Kong.