by Chanyaporn Chanjaroen and Denise Wee
Citigroup Inc. is urging rich clients to stay cautious amid extreme market volatility even though “peak shock” might have passed, according to the bank’s global wealth head Andy Sieg.
The Wall Street bank’s advisers are saying “don’t chase this, don’t buy the dip,” Sieg told Bloomberg Television’s Haslinda Amin and Avril Hong in an interview during his visit to Singapore on Thursday. “Let’s try to be disciplined at a time that the world’s moving very fast.” He said it’s not the time now to add to risky assets.
Stocks are rallying Thursday from a deep plunge over recent days after US President Donald Trump decided to pause proposed higher trade tariffs on most nations. The magnitude of those earlier drops had resulted in margin calls at some major investors including large hedge funds as well as wealthy individuals.
“The world now knows this tectonic shift is happening,” said the New York-based executive, referring to ongoing tariff hikes in the US and China. “What we can’t know yet is the way this is going to flow through to economic activity, corporate earnings.”
The relentless news flow has meant that the longest sleep “any of us have had” is three to four hours, said Sieg. With Trump “very focused” on US manufacturing jobs and the global trading system being deeply intertwined, reconciling these in a way that everyone can navigate is what keeps him up at night, he added.
Copyright Bloomberg News
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
