Citigroup has added over 15,000 wealth clients in the Asia Pacific region during the first half of the year, marking a significant push into money management as the business shows signs of recovery. In the second quarter, new client acquisition grew by 36% year-on-year, and wealth revenues in the Asia Pacific increased by 4% compared to the previous quarter, according to a spokeswoman for the New York-based firm. Citigroup is competing with rivals such as UBS Group, HSBC Holdings, and JPMorgan Chase for a larger share of wealth revenues in Asia Pacific, a region that holds approximately USD55tr in financial wealth, according to a Boston Consulting Group report. As part of its strategy, Citigroup has rehired Andy Sieg from Bank of America to lead its global wealth division and has also recruited a team from Credit Suisse Group in Hong Kong.
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