Citigroup Confirms Closure of Private Partners Division

Matthew Smith

1 May 2007

Citigroup closed Global Private Partners, a reporting line in its ultra-high net worth business, which resulted in a reorganisation of staff in its Global Wealth Advisory Services unit, a spokesman confirmed to WealthBriefing. Ed Orazem, formerly director of family office services at Citigroup, assumed an expanded role with direct responsibility for all ultra high net worth services at Citigroup – which includes the Family Office, the Global Investment Banking/Global Wealth Management partnership and Special Investments – as a result of the reorganisation. According to the Citigroup spokesman, Global Private Partners was an “internal reporting-line configuration rather than any client-facing unit.” “We never marketed GPP, only got some notice in Private Asset Management,” he said. Charlie McVeigh will continue to head the global investment banking-wealth management partnership and Jose Sanchez will continue to oversee special investments for ultra high net worth clients. Both will report to Mr Orazem, a memo obtained by WealthBriefing confirmed. Mary Pang, who was chief operating officer at Global Private Partners, will continue to oversee business development and marketing at Global Wealth Advisory Services, but will take on additional "oversight for Citi Capital Strategies, Executive Financial Services and our Client Segmentation Group," according to the memo. Dan FitzPatrick, head of Citigroup Trust and Global Wealth Structuring, will take on responsibility for managing the Wealth Strategists group. “As our sector and Global Wealth Management evolves, we occasionally reorganise to make sure Financial Advisors and bankers have access to the best of Citi,” said the spokesman of the changes. This reorganisation follows the announcement by the US financial services giant that it would cut 17,000 in an effort to save costs.