Citi Says Wealthy Clients Are Holding Too Much Cash, Time to Buy
- Private bank CIO urges more small- and mid-caps, emerging debt
- Some Citi clients regularly keep 35% of core holdings in cash
Photographer: David Paul Morris/Bloomberg
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Wealthy clients of Citigroup Inc.’s private bank hold way too much cash, according to chief investment officer David Bailin, and he and his colleagues have big plans to help put an end to that.
The private bank’s mid-year outlook, “From Fear to Prosperity: Investing in a New Economic Cycle,” released Thursday, recommends major changes to portfolios to reflect what Bailin called “the complexities and new realities of our time.”