People Moves

Citi Private Bank Promotes for Hong Kong Head

Nick Parmee, 2 November 2007

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Citi has named Wilson So as global market manager for Hong Kong. He takes over from Sam Tse, who is now chief operating officer for Citi Global Wealth Management Asia Pacific.

Mr So will report to Kaven Leung, chief executive officer of Citi Global Wealth Management Asia Pacific, managing more than 100 private banking professionals serving Hong Kong, the single largest market for Citi Private Bank outside the US.

Mr So will continue in his current role as regional director for Citi Smith Barney, overseeing more than 300 financial advisors in offices across Australia, Hong Kong, Singapore and Taiwan. He joined Citi Smith Barney in 1996 as managing director and Hong Kong branch manager from PaineWebber and Kidder, Peabody.

Mr Leung said: “Under Wilson’s stewardship, the Citi Smith Barney business has been experiencing strong double-digit percentage growth in terms of revenue and assets under management for the past five years. We will count on him to strengthen our private banking franchise in the key market of Hong Kong.”

Mr So said: “We are unequivocally bullish about the economic prospects for Hong Kong. The territory will continue to maintain its leading position as a gateway to China and also as a nexus for the Greater China region (which represents a wealth management market size of more than $2.4 trillion) as entrepreneurs and other high net worth investors seek business opportunities in the fast-growing mainland Chinese market.”

Hong Kong was one of the world’s fastest growing wealth markets in 2006, according to data from the Merrill Lynch Capgemini Asia Pacific Wealth Report 2007. The number of US dollar millionaires grew 12.2 per cent to 87,000 (including 1,330 ultra high net worth individuals with more than $30 million in net worth). They account for $464 million of assets.

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