Citigroup’s global wealth management business continued to be affected by the fall-out from problems for the private bank in Japan at the en...

Citigroup’s global wealth management business continued to be affected by the fall-out from problems for the private bank in Japan at the end of 2004. Total revenue for wealth management, which includes the private bank and Smith Barney, was up 2 per cent in 2005 to $8.6 billion. But the private bank saw revenues slip 9 per cent during the year to $1.8 billion. Smith Barney saw revenues rise 5 per cent to $6.8 billion. Excluding Japan, revenues slipped by 1 per cent and were helped by a 14 per cent growth in US-based revenues. Smith Barney had a good year in terms of assets under fee-based management, which rose 34 per cent to $321 billion, although a large part of this increase was due to the acquisition of Legg Mason’s private client business earlier in the year. Asset under fee-based management at the private bank stayed the same in 2005 at $52 billion.