The US financial group is experiencing greater international flows into all its Asia Pacific business sectors, according to a statement by Citi.
“This includes global asset managers, funds and sovereign wealth funds,” said Paul Smith, the bank’s head of Japan, Asia North and Australia for markets.
“Many of these flows are also increasingly into emerging markets,” added Asia South head for markets, Sue Lee.
In the first three quarters of 2024, client activity with international corporate clients, not headquartered in Asia, across fixed income, equities, interest rates, foreign exchange and commodities was up 12% compared with the same period in 2023.
Moreover, non-Asia headquartered public sector sales and trading activity, including government related pension funds and sovereign wealth funds, surged 39% year-on-year.
Some of this growth is being driven by increased flows from the Middle East into Asia, a fast-growing emerging trade corridor, according to Citi.
The bank has also seen a rise in the number of corporate clients it does markets-related business across Asia with by 14% in Latin America and 10% in North America during the same period.
Fixed income, currencies and commodities activity in Asia with corporate clients is a notable growth area, up 11% year-on-year, as companies reconfigure supply chains and have related markets needs across foreign exchange and hedging.
Citi’s network comprises a physical presence in 95 markets with trading floors across Asia Pacific, including the key hubs of Hong Kong, Singapore.
