Consolidation in wealth management industry to accelerate-Citi survey

30 Wall Street, an office building with commercial space available in the financial district, is seen in New York City, U.S., July 6, 2023. REUTERS/Brendan McDermid/File photo

HONG KONG – Consolidation within the global wealth management sector will speed up while managers continue to face regulatory challenges, a report based on a global survey by Citigroup showed. As many as 69 percent of the almost 170 participants across wealth management and private banking industries agreed that industry consolidation will continue to accelerate, the report, dated July 18 but not made public earlier, said.

Smaller providers will have to move beyond passive products and further differentiate themselves with technologies, said the report.

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