Citi brings on Goldman, BNY veterans to strengthen wealth leadership

Citigroup is adding two senior executives to its wealth management arm, continuing a push to sharpen its investment solutions and alternative investments business as part of a broader restructuring under CEO Jane Fraser.

Citing a memo circulated at the firm, Reuters reported that Christine Curtiss, who spent 15 years at BNY and most recently led its global family office, retail, and international wealth business – a role she held for four years, according to her LinkedIn profile – will join Citi in October as head of asset manager relationships. 

In her new role, Curtiss will oversee partnerships with third-party asset managers, a move that comes as banks increasingly look to outside specialists for portfolio management and product innovation .

Meanwhile, Kate Boucher is set to join in December as global head of alternative investment sales, after 15 years at Goldman Sachs Asset Management, where she most recently led US third-party wealth alternatives for one year and nine months. Boucher will be responsible for driving Citi Wealth’s growth strategy in alternatives, an area where demand from high-net-worth clients has continued to rise .

The appointments come on the heels of Citi’s decision to place $80 billion in client assets under the management of BlackRock, a move that deepened the two firms' pre-existing partnership while giving Citi’s private bankers access to BlackRock’s Aladdin Wealth technology platform. That transition, expected to begin in the fourth quarter, reflects a broader trend among major banks to outsource investment management while focusing more on client advice and planning.

Andy Sieg, head of wealth at Citi, said the new offering “brings together the sophisticated relationship-driven and market-based advice of our bankers, backed by the insights of our own Chief Investment Office, with the renowned investment expertise and innovative technology capabilities of BlackRock.” Sieg was recruited from Bank of America nearly two years ago to lead Citi’s global wealth overhaul.

Citi’s wealth unit, which CEO Jane Fraser has identified as a key growth area, reported a 20% revenue increase in the second quarter. Last year, the Wall Street firm sweetened its recruitment packages for experienced advisors in a push to grow its senior advisor ranks by 40% by the end of 2026. Despite these efforts, Citi’s wealth management business has not caught up with its peers such as Morgan Stanley and UBS in attracting high-net-worth clients .

In what could be an indication of pressure to perform within Citi's wealth division, the bank also reportedly placed Sieg under the microscope this year, hiring an external law firm to look into complaints relating to the wealth management chief's behavior.

The investigation reported earlier by Bloomberg – which was precipitated by complaints of unfair treatment and intimidation stretching back two years – apparently turned up no significant breaches, as Fraser said she was "comfortable" with the findings.

“We looked into the matter seriously and I’m very comfortable with the way we came out,” Fraser said. "I gave Andy a very clear mandate when he joined Citi, which was to transform our wealth business ... I’m very pleased with what the team and the business have achieved."