Published by AsianPrivateBanker – 14th April 2015
Two managing directors, including a family office head, have left Citi Private Bank. One managing director has resigned after 24 years with the bank.
Richard Straus, managing director, head of family office and institutions and the North Asia platinum team for Citi Private Bank, based in Hong Kong, has resigned. Wayne Yang, who was managing director at Citi Private Bank based in Hong Kong, has also resigned.
When contacted, a spokesperson from the bank declined to comment.
Straus is a 24-year veteran of Citi bank and held various positions with the bank. He was market head for Taiwan, based in Hong Kong; chief administrative officer for Japan, based in Japan; chief operating officer for global investments, based in New York; and chief operating officer for Asia, based in Singapore.
Yang was a managing director at Deutsche Asset & Wealth Management prior to his role at Citi Private Bank, covering the ultra high net worth segment in Asia.
The departures follow the move of Jingo Lee, a relationship manager at Citibank, who left the bank to join Swiss pure-play, Julius Baer earlier this year.
Citi Private Bank’s assets under management (AUM) were $255 billion at the end of 2014, a 7% year-on-year increase, taking the bank to the second spot on this publication’s league table.
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