Citi Private Bank has logged double-digit client growth at the unit it created to serve hedge fund principals and their related businesses across North America.

The team that Citi Private Bank assembled to address the private banking needs of hedge fund founders has grown by over 50 per cent since its launch in January 2015, reinforcing this as an “increasingly important client segment,” Citi said.

The North American team, which is led by managing director Keith Gertsen, now has 140 hedge funds and their principals as Citi Private Bank clients.  

Products provided include: lines of credit to funds’ management companies; loans to hedge fund principals secured by their portfolio of outside hedge fund investments; custom jumbo mortgages expedited by a dedicated mortgage team; commercial real estate loans; art advisory and art finance; aircraft advisory and finance; professional sports team acquisition; and finance and trust and estate planning.

“Hedge fund principals have unique personal financial planning and investment needs, often with significant wealth concentrated in their funds,” said Gertsen.

“Our investment team, working closely with our investment counselors and investment lab, can perform extensive analyses of fund concentrations and other outside investments and help develop recommendations for clients, which often include cash management solutions, private equity investments, municipal bond portfolios, real estate and other assets,” he added.