Citibank Launches Institutional & High Net Worth Fund Platform in Asia
Citibank announced December 8 the launch of its Institutional & High Net Worth Fund Platform, a new service that provides Citigold Private Clients in Asia Pacific access to high-conviction unit trusts from top-tier global fund managers, especially share classes of funds that have been traditionally available to institutional and ultra high net worth clients. The funds are offered at improved pricing compared with retail share-class funds.
Announcing the launch, Jonathan Larsen, Asia Pacific Head of Consumer Banking, said: “The Institutional & High Net Worth Fund Platform is a unique offering providing Citigold Private Clients access to institutional and high net worth share-classes of unit trusts with proven money management expertise. These share classes have traditionally been available only to institutional investors and ultra high net worth clients. Leveraging our global platform, we are able to bring these products to our Citigold Private Clients in Asia for the first time.”
Citibank’s enhanced proprietary product selection criteria include a stringent combination of quantitative metrics and qualitative analysis. The products selected for the platform have demonstrated standards of quality in their respective asset classes based on investment process, management and consistency of past performance, both from an absolute measurement and a relative peer-level basis. There are currently 12 funds available to clients, and that is expected to double next year.
“The Institutional & High Net Worth Fund Platform continues to support our focus of providing innovative wealth management solutions to help clients meet their financial goals,” said Paul Hodes, Regional Head of Consumer Wealth Management and Traditional Managed Investments.
Institutional & High Net Worth share-classes are designed with lower expense ratios relative to retail share-classes. Citibank’s platform fee model comprises a lower sales charge and fee calculated based on the value of the investments held. Clients will also benefit from free switches for rebalancing activities between funds offered on the platform.
Launched initially in Singapore to Citigold Private Clients who can access the platform products subject to local regulations and offering conditions, the Institutional & High Net Worth Fund Platform will soon be made available to other key markets in Asia Pacific. Citigold Private Client is an exclusive and highly personalized wealth management proposition for high net worth individuals with assets under management of between US$1 million and US$10 million.