Citi Private Bank has made two new appointments for its global managed investments real estate business, after incumbent co-head Quek Kwang Meng resigned, according to an internal memo seen by WealthBriefingAsia. 

Yvonne Siew starts as GMI Asia real estate head after seven years with the US bank. She will continue to be based in Singapore and report to Daniel O'Donnell. O'Donnell, who previously shared the role of chief of global real estate with Kwang Meng Quek, now becomes sole head of the division. He takes on this role as well as global head of private equity, said the memo.

Kwang Meng Quek is leaving Citi Private Bank in March to pursue real estate development opportunities in Shanghai, after more than two decades at the US lender, said the memo. 

The fact the head of the business has been based in Hong Kong, signifies the importance of Asia in the bank's offering.

In its most recent results, Citi said its private banking revenues rose by 4 per cent to $519 million in the fourth quarter of 2011 from the same three months of 2010, while full-year revenues of $1.46 billion represented a 7 per cent rise year-on-year. 

Citi, like many of its peers, has had to curb its costs against a background of continued pressures on margins. The US firm is to cut 4,500 jobs, which would represent about 1. 7 per cent of its total workforce when based on 30 September 2011 figures.