Adam Proctor, Citi Private Bank
With the new appointment, Proctor vacates his previous role of head of managed investments and advisory for Asia-Pacific, a role he took over last year from Roger Bacon, who had been promoted to head of investments for Asia-Pacific.
At the time, Proctor relocated to Singapore from London, where he was previously Citi’s head of the global client programme and a senior private banker. Proctor first joined the bank in 2008 as a private banker and was appointed as UK banker team leader for ultra high net worth clients in 2012.
In his new role, Proctor’s responsibilities involve representing Citi Private Bank’s franchise in Singapore and working closely with regulators in the region, according to a Singapore-based spokeswoman of the bank.
Global market managers also have responsibilities in people and marketing management, including full profit and loss, business planning, and controlling and developing client relationships with high net worth individuals in their respective markets for which they have oversight of, she added.
The bank is now looking for a replacement for Proctor’s most recent role, the spokeswoman said, noting that Proctor will continue with his responsibilities as head of managed investments and advisory for Asia-Pacific until a successor has been named.
New structure
Proctor’s appointment is part of Citi’s new organisational structure in which global market managers will be appointed in key markets, according to the statement. The global market managers are expected to align the bank better with clients in each market.
The bank already has appointed other global market managers who are based in China, Hong Kong, India and Singapore and plans to add more in the region, the spokeswoman said, but did not elaborate.
The private bank is looking for four more global market managers, according to the bank’s career webpage. Three will be based in Singapore, with one dedicated to Indonesia, one for the Philippines, and another for Malaysia and Thailand; while another will be based in Hong Kong, covering Taiwan.
Part of a global market manager’s responsibilities is serving as the primary Citibank contact for private banking clients, according to the vacancies on the website.
Citi announced its new structure in December with the appointments of Jyrky Rauhio as South Asia head and Rudolf Hitsch as North Asia head. In these newly-created roles, they report to Steven Lo, Asia-Pacific regional head for private banking. Lo just assumed his role yesterday, replacing Bassam Salem, who announced his retirement from the firm in October.
Proctor, who previously reported to Bacon and David Bailin, global head of managed investments, now reports to Rauhio.
“Singapore is an important hub for us globally and we see exciting opportunities in Australia and New Zealand,” Rauhio said in the statement.
Australia has the fourth largest amount of high net worth individual (HNWI) wealth in Asia-Pacific, with $802bn in assets in 2016, while Singapore is the seventh largest, according to Capgemini’s 2017 wealth report. In terms of HNWI population, Australia is the third largest population, while Singapore is the eighth.
HNWI wealth
