Magazine article American Banker

Citi Turns to Nuveen Exec to Boost Private Accounts

Magazine article American Banker

Citi Turns to Nuveen Exec to Boost Private Accounts

Article excerpt

Citigroup Inc.'s asset management arm recently hired A. Peter Cieszko Jr. from Nuveen Investments to head its effort to increase its U.S. private portfolio business, especially through third-party channels. Mr. Cieszko will join SSB Citi Asset Management Group as a managing director in early July and will report to Wendy Murdock, the unit's chief operating officer-retail and retirement services. In the newly created post, Mr. Cieszko, 40, is to oversee a unit that manages $40 billion of separately managed private accounts for high-net-worth people and institutions. He will also oversee third-party distribution of the $3 billion-asset Salomon Brothers mutual fund family. Mr. Cieszko was a managed-assets expert at Nuveen Investments, a unit of John Nuveen & Co. of Chicago. In that job, he was responsible for distribution of the company's investment management services through broker-dealers and other third parties. Separate accounts -- managed portfolios of stocks or bonds based on a specified investment style -- give wealthy investors more control over the types of securities they hold, which among other things can help them mitigate tax consequences. SSB Citi is focusing on private accounts because they are expected to grow at a much faster clip than mutual funds, Ms. Murdock said. Mutual funds, which have grown into a $6.8 trillion industry, are considered by many to be near their peak. At the same time separate accounts are becoming more affordable, observers said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.