Citi has appointed Angel Ng head of Asia Pacific Global Wealth Management, the bank’s integrated wealth platform serving clients across the wealth continuum from the affluent to high net worth.
In this role, Angel will manage the bank’s ambitious growth strategy across the region centered around wealth management hubs in Hong Kong and Singapore. Angel will also lead Citi’s Personal Banking franchises in Hong Kong and Singapore, including retail banking, cards and loans.
Angel is currently Citi CEO for Hong Kong and Macau and will continue to be based in Hong Kong. She reports to Peter Babej, Asia Pacific CEO, and Jim O’Donnell, CEO of Global Wealth Management.
“As a top three wealth manager in APAC, and with clients across the region prioritizing global diversification, Citi is well positioned for further growth. With Angel’s leadership our wealth business will deliver the full capabilities of our global network to support our clients’ needs and ambitions,” said Peter Babej, Asia Pacific CEO.
In 2021, Global Wealth Management reached more than US$2.5bn in revenue in the region and added several hundred staff as it looks to add 2,300 staff and US$150bn in client assets by 2025.
Angel joined Citi Hong Kong in 1998 and over the next decade and a half held several leadership positions within the bank across wealth management. In 2015 Angel was appointed Head of Consumer Banking for Hong Kong, fostering a culture of innovation and digital transformation that drove strong client led growth for Citi in the city.
Since May 2018, Angel has been CEO for Hong Kong and Macau further growing the franchise across Citi’s institutional and wealth management businesses despite some strong headwinds.
“I am thrilled to welcome Angel to the wealth team. Under her leadership, we will enhance our already strong position in this critical region, especially our two key wealth hubs – Singapore and Hong Kong,” said Jim O’Donnell, Global CEO of Global Wealth Management. “Angel is a proven and capable leader with extensive experience across Citi. Her knowledge and understanding of both wealth and the institutional side of Citi will be instrumental as we continue to build a winning wealth management business.”
Angel takes over from Fabio Fontainha and Steven Lo, formerly Co-Heads of Global Wealth Management for APAC, who have moved into new roles. Fabio is now Global Head of Citigold and Citigold Private Client, leading Citi’s global client strategy across these two key client segments and driving all aspects of execution. Steven has taken on the role of Head of Citi Private Bank for APAC, leading Citi’s Private Banking strategy in the region, including high-net worth clients.
“Fabio and Steven have been instrumental in defining and executing our Win in Wealth strategy in Asia over the past couple of years, and I thank them for all of their hard work in making our business successful,” added O’Donnell.