Citi has poached the head of wealth planning from UBS, as the US bank continues to build out its private banking capabilities in Europe, the Middle East and Africa.
Key Appointment
The hire, which is effective immediately, sees James Fleming join Citi as head of wealth planning for the region. He was previously at UBS for over a decade, most recently serving as head of wealth planning for the Swiss bank's international wealth management business.
Fleming will be based in London and report to Ida Liu, global head of Citi Private Bank. His remit includes overseeing the bank's wealth planning offering for ultra-high-net-worth clients, which covers estate planning, trust services, and philanthropic advisory.
Strategic Move
The appointment is part of Citi's broader strategy to grow its private banking franchise. The bank has been investing in hiring senior bankers and expanding its product suite to compete with rivals such as UBS, JPMorgan, and Goldman Sachs.
"We are delighted to welcome James to Citi," Liu said in a statement. "His deep expertise in wealth planning will be instrumental in delivering comprehensive solutions to our clients."
Fleming added: "I am excited to join Citi at a time of significant growth and opportunity. The bank's commitment to serving the complex needs of wealthy families aligns with my own professional focus."
Industry Context
The poaching comes amid heightened competition for talent in the wealth management sector. Banks are vying for experienced advisors who can cater to the increasingly sophisticated demands of affluent clients, particularly in areas such as cross-border planning and sustainable investing.
Citi has been particularly active in hiring from UBS in recent months, reflecting the Swiss bank's status as a talent pool for the industry. However, UBS has also been strengthening its own team, appointing new heads for various regions and functions.
The move underscores the importance of wealth planning as a differentiator in private banking. As clients become more focused on legacy and tax efficiency, banks that can offer bespoke planning services are gaining a competitive edge.
