Demand for wealth-management services is evolving as ultra-high-net-worth individuals confront geopolitics, inflation and market swings. Citi argues that this heightens the importance of disciplined asset allocation, resilient portfolios and worldwide family-office capabilities over conventional product approaches. In a recent interview, Chris Biotti, head of Citi Private Bank North America, outlined short-term objectives to recruit over 100 advisers, target 25% of the world’s billionaires, and implement tightly-chosen private-market tactics within a modest-return setting.
Global reach and a growing team
Biotti said the bank’s biggest wins in North America are centered on the advisers it attracts and its ability to serve ultra-high-net-worth clients with cross-border needs. The bank recently added Sam Gottesman as market executive for the northeast, along with bankers Michelle Pryor and Teresa Radzinski.
He pointed to the bank’s global reach as a clear structural advantage. Citi Private Bank North America serves nearly 2,000 family offices globally, representing nearly 25% of the world’s billionaires. This scale allows the firm to offer specialized alternatives, direct private investments, and complex hedging strategies for clients with the most detailed financial needs.
North America is a major driver of this expansion. As part of Citi’s broader wealth strategy, the region has a large portion of the adviser growth plan within the Private Bank. With roughly 400 bankers and 200 investment counsellors worldwide, the bank plans to grow by more than 100 advisers in the near term.
While the bank is expanding its workforce, client priorities have shifted. Clients are increasingly concerned about geopolitics, inflation, and market volatility. This has pushed many toward diversified portfolios that can withstand turbulence. The bank’s product strategy now focuses on providing access to a diverse array of investment, banking, and lending solutions.
As the bank prepares for a potential shift in market conditions, it is helping clients manage cash and short-term yields. Many investors have enjoyed attractive returns on cash over the last few years, but that source of income is decreasing as rates normalize. The bank encourages clients to move beyond an all-or-nothing mindset and gradually put excess cash to work through disciplined portfolio construction.
Biotti noted that history shows time in the market is more valuable than trying to time the market. When economic growth remains resilient and markets reward long-term horizons, clients often realize that the biggest risk is not volatility, but being underinvested.
Alternatives are playing an increasingly important role in suitable client portfolios. Compelling opportunities exist in infrastructure, private credit, real estate, and select private equity strategies, which offer differentiated sources of income and growth. However, the bank is becoming more selective in areas where capital has become abundant and valuations no longer adequately compensate investors for the risks they are taking.
With inflation, interest rates, and valuations still uncertain, the bank is preparing clients for a wider range of outcomes rather than a single return forecast. While returns may be more moderate than the exceptionally strong periods of the past, attractive opportunities remain across both public and private markets. A well-diversified, resilient portfolio built around long-term objectives has historically been the most effective way to handle uncertainty.
Accessing private markets and managing risk
This approach helps UHNW clients build resilient portfolios despite concerns over geopolitics and inflation. Advisers work to offer advisory solutions that meet the scale and complexity of their financial ambitions. Clients increasingly view time in the market as more valuable than trying to time the market.