Citi Private Bank has named David Bailin as its new chief investment officer (CIO) and Steven Wieting as its new chief economist.
Bailin’s brief will be to ensure synergy between Citi’s asset allocation, research and portfolio management teams, while Wieting will augment the bank’s service provided to clients in identifying investment opportunities with an eye on the economic landscape.
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The double appointment comes at a time of uncertainty for investors with US interest rates rising to 2.25-2.5% in December of last year and with a further hike feasible sometime in 2019.
Jeffrey Sacks, EMEA head of investment strategy at Citi Private Bank, told PBI in December that 2019 would be a more challenging year for global markets. “So we are advising our clients to safeguard assets with more defensive portfolios, while still staying exposed to risk assets,” Sacks said.
“The CIO role in the wealth management industry at Citi Private Bank demonstrates our clear commitment to an end-to-end investment process that aligns client objectives with risk management across our comprehensive investment offerings,” global CEO of Citi Private Bank Peter Charrington said.
“As chief economist, Steven will also provide us with detailed macroeconomic analysis and advice across regions, utilizing Citi’s global platform and third-party research to discover and define trends that inform how clients can understand and invest in a more complex world.”
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By GlobalDataCharrington says it is the bank’s “focus to engage more clients in our core asset management strategies across Citi Investment Management and Capital Markets.”
Both are expanded roles for Bailin and Wieting who will continue to in their existing positions of global head of investments and chief investment strategist respectively.
Bailin was appointed global head of investments in 2017 having previously served as managing director and head of alternative investment asset management at Bank of America Global Wealth and Investment Management.
Wieting was made global chief strategist in 2013 after his work on demographic and policy challenges at Citi Reseach, where he was managing director, was highly praised.
