AMERICAS: Citi has appointed a new global head of private banking and announced that one of its veteran Latin America leaders is retiring, in a major leadership reshuffle of its wealth management business.

The firm has appointed Ida Liu (pictured), currently head of North America for the private bank, as global head of private banking, according to an internal memo sent to staff today and seen by Citywire Americas.

The previous global head of Citi Private Bank, Peter Charrington, left the group last October after 26 years.

Liu joined Citi's private bank in 2007 to create its fashion, media and entertainment group. She was later appointed head of North America Asian clients group and in 2016 was named global market manager for New York. She was handed the reins of its North America business in 2019.

Citi intends to name Liu's replacement as head of North America private banking in due course.

The memo also announced that José Ernesto Fuentes, Citi Private Bank's head of Latin America, is retiring after 35 years at the firm.

Fuentes (pictured below) joined Citi in 1986 and has been head of its Latin America private banking business for 11 years. The group said in the memo it is currently searching for his replacement.

Citi Private Bank forms part of the firm's recently restructured wealth management business Citi Global Wealth (CGW), which also includes the firm's consumer wealth units: Citi's International Personal Bank and Personal Wealth Management divisions. The new CGW business is led by Jim O'Donnell, who was appointed to the role in January.

'Ida will partner with the region and product heads across CGW to deliver the best of Citi to our clients' said O'Donnell in the memo. 'Our regional private banking heads will report to Ida and their regional management.'

On Fuentes's retirement, O'Donnell said: 'I would like to thank Jose for his dedicated services and contributions to Citi and wish him well in his future endeavors.'

He added that Rodrigo Cordova will continue to run the group's Citibanamex Wealth business in Mexico.

A Citi spokesperson confirmed the appointments to Citywire Americas.

Senior wealth appointments

The group also announced a number of changes with CWG, including expanding the responsibilities of David Bailin, Citi Private Bank's current chief investment officer. Bailin has been charged with forming Citi Global Wealth Investments (CGWI), a unit which will bring together the investment teams of Citi' private and consumer banks.

'By extending Citi's wealth management offering in capital markets, discretionary and advisory strategies and Alternative Investments, CGWI will deliver timely, tailored advice to all CGW clients worldwide,' said O'Donnell.

Elsewhere, Giuliano Malacarne, currently head of investment finance for Citi Private Bank, has been handed responsibility for banking and lending solutions for all of CWG's wealth clients.

'Giuliano's team will focus on investment financing services, including art advisory, aircraft leasing, commercial real estate and margin lending,' O'Donnell said.

The firm has also streamlined CWG's regional leadership.

In North America, David Poole is set to continue as head of US consumer wealth across Citi Personal Wealth Management and the International Personal Bank, where he will work in close partnership with Citi's US Consumer Bank team.

In Asia, Fabio Fontainha, currently head of Asia Pacific retail banking, and Steven Lo, currently head of the private bank in Asia, have been appointed co-heads of CGW Asia.

Fontainha will focus on the integration across teams and the management of its infrastructure, technology and digital platforms while Lo is in charge of client footprint and front office talent, the group said in the memo.

In Europe, Luigi Pigorini, Citi Private Bank's Head of EMEA, will now lead CGW EMEA across its all wealth businesses while also retaining his private banking responsibilities.

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