Citi has named Debashish Duttagupta as the new head of investments for Citi Asia Pacific's wealth management operations. Mr Duttagupta previously was the head of capital markets for wealth management.

Citi is currently one of the largest wealth managers in the Asia Pacific region, with over 500,000 clients in the high net worth and ultra high net worth category and more than 6,000 in private banking, including over a third of the region's billionaires.

Mr Duttagupta will be tasked to lead a 150-strong investments unit that will serve clients within the retail to mega-wealth demographic in the Asia-Pacific. He will be based in Hong Kong and report jointly to Asia Pacific head of retail banking Judy Hsu, Citi Private Bank Asia Pacific chief executive officer Aamir Rahim and Citi Private Bank head of investments Shantanu Rastogi.

"Under his leadership, the Capital Markets team has helped many clients to weather the unprecedented volatility in the financial markets," Ms Hsu, Mr Rahim and Mr Rastogi said jointly in a statement. "We have been able to help our clients take advantage of the recovery in financial markets, and in doing so, strengthen Citi's status as our clients' most trusted wealth advisor."