Citi names Angel Ng as head of Asia Pacific for Global Wealth Management
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HONG KONG— Citigroup Inc. has named a new head of wealth management for Asia Pacific, as the New York-based bank continues its strategic pivot toward serving affluent clients in the region.
Angel Ng, currently chief executive for Hong Kong and Macau, has been appointed as head of Asia Pacific for global wealth management, according to an internal memo viewed by The Wall Street Journal. The unit was created early last year by combining the private bank that targeted ultrarich individuals and the consumer-wealth operation that was managed by the retail bank, and was one of Chief Executive Jane Fraser’s major initiatives to reshape Citigroup.
A Citigroup veteran, Ms. Ng joined the bank in 1998 and held various roles before heading up Hong Kong and Macau in May 2018. She takes over from Fabio Fontainha and Steven Lo, who shared the top job in overseeing wealth management in Asia Pacific from April last year until recently. Mr. Fontainha is now global head of Citigold and Citigold Private Client, which serve clients with as much as $10 million in assets. Mr. Lo is now Asia-Pacific head of Citi Private Bank, which caters to clientele with at least $25 million in assets.