Citi wealth unit adds Apollo, Bank of America alums as division extends growth streak

Citigroup is adding two senior leaders to its wealth management business as the unit rides high on a streak of consecutive quarterly revenue growth.

Elizabeth "Liz" McElherne will join Citi Wealth on September 8 as head of AIMS platform management within the Alternatives and Investment Manager Solutions group, according to an internal memo circulated this week that was viewed by InvestmentNews.

Reporting to Daniel O'Donnell, the unit's head, McElherne will oversee product management, development and business execution across private equity, real estate, hedge fund, third-party mutual fund, exchange-traded fund and UCITS products.

McElherne brings more than 17 years of leadership experience in wealth management and private markets. She was most recently global head of client solutions at Alchelyst, a firm formed with Apollo Global Management and Motive Partners, where she led commercial expansion of general partner relationships. Earlier in her career she held leadership roles at Goldman Sachs Asset Management and Apollo, building wealth platforms to support private markets distribution across North America, EMEA, Latin America and Asia-Pacific.

Also this week, Citi Private Bank announced that Michelle Pryor will join as investment counselor team lead for the Central Region, based in Dallas.

Pryor arrives from Bank of America Private Bank, where she was most recently a market leader in Dallas focused on client experience and advisor capabilities. She previously served as market investment executive and senior portfolio manager at Bank of America Private Bank, and earlier worked at J.P. Morgan Private Bank and a Dallas-based family office.

Pryor earned her Chartered Financial Analyst designation in 2001 and holds a bachelor's degree in accountancy, with honors, from the University of Mississippi.

She is set to join Citi in November.

Read more: Citi turns up the heat on wealth bankers as it races to close the gap with rivals

Citi has been on something of a hiring spree, most recently announcing the hire of JPMorgan veteran Adam Clark last month as its head of wealth planning. The financial giant also tapped Alex Kokolis, who's coming in from MSCI, as its head of investments platform experience.

London-based recruiting has also picked up as Citigroup hired Matt Newnham to the asset manager relationship team for Citi Wealth as the bank continues to ramp up its wealth management efforts.

Read more: Citi appoints Michael Yannell as hedge funds chief as wealth management push continues

Wealth revenue keeps climbing

The hiring push coincides with continued momentum in Citi's wealth results. The company reported wealth revenue amounting to $3.2 billion for the second quarter of 2026, up 13% from a year earlier, with net income of $583 million that marked an increase of 51%.

Citi emphasized that its wealth business revenue has increased for the ninth consecutive quarter, with almost two-thirds of net new investment asset growth coming from deepening relationships with existing clients.

Read more: Bank earnings: JPMorgan, Wells Fargo post profit beats

Citigroup Chair and Chief Executive Jane Fraser said the quarter marked "Citi's best quarterly revenue in a decade with double-digit revenue growth for the firm and in four out of our five businesses."

Firmwide, Citigroup reported net income of $5.8 billion, or $3.15 per diluted share, on revenues of $24.8 billion for the quarter ended June 30, 2026, up from net income of $4.0 billion a year earlier.