Citigroup positions for retail expansion
By Jason Spits
CITIGROUP Asset Management (CAM) is set to expand its retail presence in the Australian market with plans to launch a range of new products to build on its $1.2 billion in net inflows for the year to date.
CAM Asia Pacific managing director Denise Allen says the group has passed the $8 billion in funds under management mark with plans for a bigger retail push after migrating business from the institutional market to platforms five years ago.
CAM currently offers funds on 60 platforms, with the biggest interest over the last year in the group’s Australian equities, fixed income and property funds. The firm also offers global equities, bonds and credit investments off the back of its larger offshore parent, which also has a suite of alternative asset products.
Allen says these funds have now been added to lower-cost platforms and the group is experiencing strong growth within this space.
As part of the retail push, CAM is leveraging off its annuities and broking divisions within the broader group and plans to promote the brand through more involvement with dealer group training events, which it views as being closer to the needs of its advisory target market.
So far CAM has launched a long/short fund and has plans to add a hedge fund-of-funds along with a suite of offerings based on its overseas products.
AUTHOR
Jason Spits
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