(Bloomberg) -- Citigroup Inc. is planning to hire 100 wealth advisers in Australia over the next three years as it seeks to triple its number of wealthy customers in the nation.
Citi is targeting Australians with more than A$1 million ($797,000) to invest, the New York-based bank said in a statement Tuesday. Citi's Australian wealth arm posted a 14 percent rise in assets under management last year, according to the statement.
Australia has the third-largest pool of high-net worth individuals in Asia-Pacific, with more than 230,000 people with A$1 million or more to invest, Citigroup's Head of Asia-Pacific Retail Banking Gonzalo Luchetti said in the statement. The bank will use its global reach to attract clients looking to invest overseas, he said.
Citi's plans come as Australia's A$2.8 trillion funds industry expands through a combination of compulsory retirement savings and individual investments. The nation is home to the world's fourth-largest pension pool with A$2.3 trillion in assets, which includes more than A$600 billion self-managed by mom and pop savers.
Citi's Australian expansion strategy follow similar plans in Asia-Pacific. The company, which manages $218 billion in the region, is seeking “mid-teen growth” of its high-net worth client base, it said.
To contact the reporter on this story: Ruth Liew in Sydney at rliew6@bloomberg.net.
To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Peter Vercoe
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