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Article: Wealth of opportunity for Citigroup unit; Private bank shines amid analyst gloom.(News)
- Article from:
- Investment News
- Article date:
- June 23, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tom Fredrickson CNS
For years, Citigroup Inc.'s private bank lived up to its name. Few outside of the New York-based company had ever heard of its small wealth management arm.
But after three years of uninterrupted improvement that has outshone the lagging performance of most of its competitors, outsiders are waking up to the little bank inside the giant one.
"Citigroup's private bank overachieved last year,'' says Robin Pagnamenta, an analyst at Scorpio Partnership Ltd., a London-based research firm specializing in international private banks. "It turned in a unique performance as the only bank to increase both assets under management ...