Citi names new Hong Kong private banker

Wilson So Wai Seng is appointed global market manager for Citi private bank in Hong Kong.
Citi announced yesterday that it had appointed Wilson So Wai Seng as Citi private bank's global market manager for Hong Kong.

He takes over from Sam Tse Shiu Keung, who becomes chief operating officer for Citi global wealth management Asia-Pacific.

So will manage more than 100 private banking professionals serving Hong Kong, which is the single largest market for Citi private bank outside the United States. He will report to Kaven Leung, chief executive officer of Citi global wealth management Asia-Pacific.

ôWe 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,ö explains So.

Hong Kong was one of the worldÆs 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% to 87,000 -- this includes 1,330 ultra-high-net-worth individuals with more than $30 million in net worth.

In addition to his new responsibilities, So will continue in his current role as regional director for Citi Smith Barney, overseeing more than 300 financial advisors located in offices across Australia, Hong Kong, Singapore and Taiwan.

In Asia-Pacific, Citi private bank provides wealth management services to ultra-high-net-worth individuals and families with a minimum of $10 million in net worth while Citi Smith Barney offers investment advisory services underpinned by a brokerage platform for high-net-worth clientele.

ôNot only do we continue to look to Wilson to grow the Citi Smith Barney business, we will count on him to strengthen our private banking franchise in the key market of Hong Kong," says Leung.

So joined Citi Smith Barney in 1996 as managing director and Hong Kong branch manager. Prior to joining Citi, he was the managing director and Hong Kong branch manager of PaineWebber and Kidder, Peabody.
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