Citigroup’s wealth management unit in the UAE is planning to triple its asset under management (AUM) to $15 billion over the next five years, media reports said. The bank plans to achieve this by increasing the number of client-relationship manager in the region.
In a statement, Citibank UAE also revealed that it is targeting to quadruple the number of affluent clients in the emirate. The growth will partly come from a mix of physical and digital investments and providing more access to its institutional products and content to retail customers.
Recently, many European and American banks are bolstering their footprint in the region as the Gulf economies look to diversify their economy and reduce their dependency on oil.
American multinational investment bank and financial services company Goldman Sachs is planning to bring its wealth management services to the masses, media reports said. The bank has started internal testing of the digital service, called Marcus Invest. The new service is expected to be available for the masses in 2021.
According to the media, Goldman Sachs said in an internal memo, which was signed by Tucker York and Stephanie Cohen, co-heads of the consumer and wealth management division, “As we prepare for the public launch in Q1 2021, we are pleased to invite consumer and wealth management colleagues to provide early feedback on Marcus Invest through our beta program”.
Reportedly, the Marcus Invest account can be opened with a minimum balance of just $1,000. It users will have access to digital features such as a personal finance tool called Marcus Insights.