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Citigroup Is Catering To The Uber-Rich With New Asset Management Division

Citigroup has created a global asset management group to cater to the richest investors in the world, the bank said in a memo released this week.

The new division, co-led by Zubaid Ahmad and Brad Coleman, combines corporate and investment banking coverage of private equity, sovereign wealth, pension and hedge funds and certain family offices, Business Insider reports.

The memo notes the broadening scope of investment activities, including $70T of assets from the various funds. As part of their duties, the new group will also fine-tune "client prioritization"—got to focus on the richest, after all—as well as "coverage teams and capital commitments." [BI]