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 LONDON and NEW YORK, Oct. 20 /PRNewswire/ -- Citibank Global Asset Management, the investment management arm of Citibank with $73 billion in client assets under management, announced that it will expand the marketing of its emerging markets investment capability to the U.S. tax-exempt marketplace. At the same time, W. Neville Bowen, chief executive of Citibank Global Asset Management, stated that, "The group's overall strategy for the North American tax-exempt marketplace would be that of a specialty manager of international products. The emerging markets introduction," said Mr. Bowen, "is the first of several international specialty products we anticipate bringing to the North American tax-exempt market over the next few years."
 Citibank Global Asset Management and the parent Citibank have made one of the strongest commitments to emerging markets of any global organization. With an on-the-ground presence in over 90 countries, the parent Citibank is a local investment and business leader in many of the emerging and newly emerging countries, in many cases the only foreign investing and banking concern conducting business in these countries.
 Citibank Global Asset Management has been building its Emerging Markets Investment Services capabilities for several years. Currently, Citibank Global Asset Management has more than $2 billion under management in emerging markets on behalf of local clients. It has $200 million in emerging market equities under management for global and regional mandates. Its emerging markets presence is unusually extensive, drawing as it does upon the local emerging market knowledge of 20 investment professionals located in 11 emerging and developing countries. In addition, it can monitor economic and market developments in more than 25 emerging markets through Citibank network.
 Newly named Global Chief Investment Officer Bob Michaelson, who joined Citibank Global Asset Management in August, said, "Emerging markets investing is one of the most important investment opportunities of the next decade. Citibank Global Asset Management, with 27 investment centers around the world, has one of the most extensive international investment management networks of any institution. Add to that the parent company's presence in over 90 countries and its leadership position in many emerging markets, and the potential for a formidable global investment organization is enormous. I look forward to helping Citibank Global Asset Management bring its emerging markets and other international capabilities to the U.S. tax-exempt market."
 North American Strategy
 Citibank Global Asset Management's strategy for the North American tax-exempt marketplace is to be a specialty manager of international products. While it has had a continued presence in the U.S. market the past few years, it now plans to increase its presence and activities, beginning with the marketing of its emerging markets capabilities. In 1988, Citibank sold its U.S. domestic institutional asset management business in order to concentrate on its international investment management products and activities. This, the company said at the time, was where it expected to see greater growth, and it also was more in keeping with the global nature of the company.
 Building the Emerging Markets Capability
 Two years ago, Citibank Global Asset Management formalized its emerging markets infrastructure with the creation of its Emerging Markets business unit in London. This London-based team is responsible for providing the global business perspective and maintaining investment oversight on behalf of global clients.
 The London-based Emerging Markets group operates a global investment team structure headed by Senior Investment Officer Alan Pendleton, who is ultimately responsible for all investment decisions globally for emerging markets. The London-based group also includes a senior equity portfolio manager and two additional portfolio managers, and it is supported by a Latin American team, an Asian team and a European team.
 The Emerging Markets investment capability of Citibank is differentiated by its investment process. This process, built upon the unique global presence of Citibank, is designed to leverage the local market insight, fundamental country research, and security analysis of Citibank Global Asset Management's on-the-ground investment management teams.
 Citibank Global Asset Management was organized in 1992, when all of Citibank's worldwide investment management operations were consolidated into one global investment management organization. At that time, W. Neville Bowen was recruited to be chief executive of this group; more recently, Bob Michaelson has joined in the new position of global chief investment officer. Citibank Global Asset Management has 27 investment centers around the world and $73 billion in assets under management for institutional, private banking and retail clients.
 Citibank Global Asset Management
 -- Organized in 1992 when all investment operations worldwide were consolidated into one global investment management organization
 -- Assets Under Management $73.5 billion
 Institutional Client Assets $49.9 billion
 Individual Client Assets $23.6 billion
 -- Assets Held In:
 Fixed Income Investments $47.9 billion
 Equity Investments $22.5 billion
 Other Investments $ 3.1 billion
 (Real estate, derivatives, specialty funds, etc.,)
 -- Investment Centers: 27
 Europe/Middle East/ Asia/
 North America South America Africa Australia
 Los Angeles Bogota Athens Auckland
 Miami Buenos Aires Geneva Hong Kong
 New York Mexico City London Manila
 Palm Beach Montevideo Lugano Singapore
 San Francisco Santiago Madrid Sydney
 Toronto Sao Paulo Milan Tokyo
 Monte Carlo
 -- Investment Professionals: 180
 -- Rankings 20th largest U.S.-based
 (AUMs vs. competition) investment advisor (A)
 15th largest European
 money manager (B)
 -- Chief Executive: W. Neville Bowen
 -- Global Chief Investment Officer: Bob Michaelson
 (A) Institutional Investor Survey, June 1993
 (B) Institutional Investor Euro 100, 1992
 Citibank Global Asset Management
 Emerging Markets Investment Services
 -- Assets Under Management
 Local Clients $ 2 billion
 Global and Regional Equity Mandates $200 million
 -- Emerging Markets Presence
 Our extensive emerging markets resource base is a result of Citicorp's long-standing commitment to and historical involvement in these markets. Current Citibank Global Asset Management locations which house research analysts and/or portfolio managers involved in local- and cross-border investments are indicated by (C):
 Established Established
 Country Presence Country Presence
 Argentina (C) 1914 Malaysia 1959
 Brazil (C) 1915 Mexico (C) 1929
 Chile (C) 1916 Pakistan 1960
 China, Republic of 1902,1983 Peru 1920
 Czech Republic 1991 Philippines (C) 1902
 Colombia (C) 1929 Poland 1990
 Greece 1964 Portugal 1985
 Hong Kong (C) 1964 Singapore (C) 1902
 Hungary 1985 Sri Lanka 1979
 India 1902 Taiwan, China 1965
 Indonesia (C) 1968 Thailand 1969
 Jordan 1974 Turkey 1976
 Korea 1967 Uruguay (C) 1915
 Venezuela (C) 1918
 -- Investment Professionals 20 in 11 emerging and
 developing countries
 -- Senior Investment Officer,
 Emerging Markets Alan Pendleton
 -- Emerging Markets Investment Approach
 Citibank's approach with client portfolios is to seek out opportunities on a global basis rather than to pursue individual country allocations. Our investment philosophy draws upon our local strengths and corporate commitment to these markets. Local knowledge forms the foundation of our investment approach and our London team provides the oversight "umbrella" for the global infrastructure.
 -0- 10/20/93
 /CONTACT: Jon M. Healy, 212-559-7815 of Citibank Global Asset Management, or Jeff Taufield of Kekst and Company, 212-593-2655/

CO: Citibank Global Asset Management ST: New York IN: FIN SU:

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Publication:PR Newswire
Date:Oct 20, 1993

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