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Tactical asset allocation

The Global Investment Committee recommends tactical adjustments to your strategic asset allocation, aiming to take advantage of opportunities and mitigate risks over the near term.

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Tactical asset allocation — making short-term adjustments to your long-term allocation — can play an important role in seeking enhanced returns and mitigating risks in your core portfolio.

Effective tactical asset allocation across many asset classes and countries requires discipline and expertise.

Our Global Investment Committee (GIC) is a team of thought leaders who determine our tactical positioning, bringing you perspectives on market developments.

Led by our Chief Investment Strategist and Chief Economist, the GIC’s 14 voting members each have between 16 and 45 years of experience.

It draws upon in-depth analysis carried out by our four regional strategy teams and other specialists from across the Private Bank, as well as from Citi Research.

The GIC’s decisions are based on quantitative and qualitative analysis, taking a 12- to 18-month view of the markets.

The GIC updates its tactical positioning at least every month and more often when events require it.

Our portfolio managers, Investment Counselors and Global Investment Lab use the GIC’s adjustments to build core portfolios for you.

Understanding the global business cycle and the excesses of fear or over-confidence about the future helps navigate through periods of feast and famine in financial markets.

Steven Wieting
Chief Investment Strategist and Chief Economist
How we serve you
Insights across asset classes
The GIC provides tactical analysis and weightings for equities, fixed income, hedge funds, commodities and cash.

In addition to broad asset class positioning, the GIC gives granular recommendations for sub-regional and country asset classes, such as Japan equities, European high yield fixed income, and gold.

Local insights, global perspectives
Led by our Global Chief Investment Strategist, the GIC draws upon analysis from our four regional strategy teams, and from professionals across the Private Bank.

It also benefits from access to Citi Research’s institutional analysis covering companies, sectors, economics, geopolitics, asset allocation and investment strategy.

Actionable insights
The GIC’s decisions are based on quantitative and qualitative analysis, taking a 12- to 18-month view of the markets.

The GIC updates its tactical positioning at least every month and more often when events require it.

Its recommendations and insights appear in the Global Strategy team’s monthly Quadrant publication.

Your questions

The GIC provides tactical insights and weightings for equities, fixed income, hedge funds, commodities and cash.

As well as broad asset class positioning, the GIC gives granular recommendations for sub-regional and country asset classes, such as Japan equities, European high yield fixed income, and gold.

The GIC updates its recommendations at least monthly. They appear in the Global Strategy team’s Quadrant publication.

Meet our people

Steven Wieting caricature
Global Head
Steven Wieting
Chief Investment Strategist and Chief Economist

Steven heads our Global Strategy team which formulates our macro investment views across all regions and asset classes. He chairs our Global Investment Committee, which sets our tactical asset allocation, the basis for discretionary portfolios we manage for clients. 

As Chief Economist, Steven provides detailed macroeconomic analyses to inform portfolio decisions.

Previously, Steven was Head of Economics for US institutional equities at Citi Investment Research. He advised the firm’s institutional and government clients globally on macroeconomic developments, forecasts and policy analysis. 

He was also economic advisor to the Morgan Stanley Smith Barney Global Investment Committee and a voting member of predecessor Asset Allocation Committees at Salomon Smith Barney.

 Steven has a master’s in quantitative economics at Bernard M. Baruch College, City University of New York.

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Steven Wieting caricature
Global Head
Steven Wieting
Chief Investment Strategist and Chief Economist

Steven heads our Global Strategy team which formulates our macro investment views across all regions and asset classes. He chairs our Global Investment Committee, which sets our tactical asset allocation, the basis for discretionary portfolios we manage for clients. 

As Chief Economist, Steven provides detailed macroeconomic analyses to inform portfolio decisions.

Previously, Steven was Head of Economics for US institutional equities at Citi Investment Research. He advised the firm’s institutional and government clients globally on macroeconomic developments, forecasts and policy analysis. 

He was also economic advisor to the Morgan Stanley Smith Barney Global Investment Committee and a voting member of predecessor Asset Allocation Committees at Salomon Smith Barney.

 Steven has a master’s in quantitative economics at Bernard M. Baruch College, City University of New York.

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Gregory van Inwegen
Global Head of Quantitative Research and Asset Allocation - Citi Investment Management

Gregory has overall responsibility for quantitative research and asset allocation within Citi Investment Management. He oversees Adaptive Valuation Strategies, our methodology for determining the suitable long-term mix of assets for each client’s portfolio. He also serves as Vice Chairman of the Private Bank’s Global Investment Committee, which sets our tactical asset allocation policy.

Previously, he was chief investment risk officer at Ivy Asset Management, director of research at Rydex Investments and a director at the global research center in Deutsche Asset Management.

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Bruce Harris
Head, Global Fixed Income Strategy

Bruce is responsible for providing potential investment opportunities and high conviction ideas for global fixed income markets.

Bruce joined the Private Bank in 2018 as a fixed income product specialist, he provided corporate and sovereign credit investment ideas around North and Latin American issuers. Previously, he was an emerging markets credit analyst at Millennium Partners. He has held roles encompassing credit analysis, structured finance origination, and structured credit trading at Commerzbank, Koch Capital, Enron, and Cargill Financial Services. He started his career as a Latin American bond trader at ING.

Bruce earned a bachelor’s degree at the University of Texas at Austin, and a master’s in international Affairs from Columbia University’s School of International and Public Affairs.

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Joseph Fiorica
Head of Global Equity Strategy

Joe is responsible for identifying particular equity sectors, and style factors that are driving global indices. He is also a voting member of the Private Bank’s Global Investment Committee.

Before joining Citi, Joe worked at the Federal Reserve Bank of New York, where he was a policy analyst in the Fed’s Markets Group.

Joe has a bachelor’s in economics and computer science from Georgetown University and an MBA from NYU Stern School of Business. He is also a CFA charter holder.

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Jeffrey Sacks
Head of Investment Strategy
EUROPE, MIDDLE EAST & AFRICA

With almost 30 years financial markets experience, Jeffrey leads our strategy team in Europe, Middle East and Africa, providing key insights and asset-class recommendations. He is also a member of our Global Investment Committee, which sets our tactical asset allocation positioning.

Before joining the Private Bank, Jeffrey worked in equity and credit research for Barclays Wealth, and was also an emerging markets fund manager at Merrill Lynch Investment Managers, Baring Asset Management and Schroders Investment Management.

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Ken Peng
Head of Investment Strategy
Asia Pacific

Based in Hong Kong, Ken is responsible for identifying investment opportunities and risks across asset classes throughout the region.

Ken has over 20 years of investment and research experience. Prior to joining the Private Bank, he was Senior China Economist at BNP Paribas. Previously, he worked for Citi Investment Research for 11 years. Based in Beijing and Shanghai, he covered China macro investment themes and Asia regional economics. He started his career in 2000 covering the US economy and markets for Citi Investment Research in New York.

Ken received a bachelor’s from Boston College and an MBA from the New York University Stern School of Business.

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Jorge Amato
Head of Investment Strategy
Americas

Based in New York, Jorge leads our Latin America investment strategy team, identifying investment opportunities and risks across asset classes in the region. He is a member of Citi Private Bank’s Global Investment Committee.

Jorge has more than 23 years of investing, trading and research experience in emerging markets. Previously, he was an emerging markets portfolio manager at Millennium Partners, a hedge fund in New York, and before that, Head of Latin America Fixed Income and Credit Derivatives Trading at ING, Espirito Santo and Dresdner. He also served as emerging markets portfolio manager at Cargill Financial Services and as a fixed income analyst at Deutsche Bank.

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Charlie Reinhard
Head Investment Strategy
North America

Charlie Reinhard is the Investment Strategist for the North America region at the Private Bank.

He is a member of the Office of the Global Chief Investment Strategist and is responsible for identifying investment opportunities and risks in North America across asset classes, as well as representing the Global Investment Committee’s views within the region. He is based in New York.

Before joining the Private Bank in 2017, Charlie was the Chief Portfolio Strategist for New York Life’s MainStay Investments where he led the firm’s investment thought leadership efforts. Previously, Charlie was the Deputy Chief Investment Officer for Morgan Stanley Wealth Management, focusing on investment opportunities and implementation strategies.

Charlie previously heading portfolio strategy and was the Associate Director Research at Neuberger Berman after being the Senior US Equity Strategist at Lehman Brothers.

Charlie has appeared on CNBC, other news broadcasts and in print media. He earned an MBA from New York University’s Stern School of Business and a BS from Carnegie Mellon University.

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OUTLOOK

Outlook 2021

In Outlook 2021, we put forward positive actions for your portfolio in this new economic cycle. We urge you to determine the amount of cash you really need to hold over the coming years and to put the rest to work.

Find out more

Global citizens

The Private Bank exists to serve a very special community. Hear the stories of global citizens in their own words.

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Global Citizens
Experience creator
ALAN FAENA

“Giving new life to a city is one of the most beautiful things that anyone can do,” says Alan Faena, as he looks out on the Miami neighbourhood that now bears his name. “It’s one of the things I’m most proud of, both here and back home in Buenos Aires. These are my gifts to the people, not only for today’s generation but also for future generations.” And what a gift the Faena District is indeed.

Spanning five blocks adjacent to the white sands of Miami Beach, the neighborhood is nothing less than an urban oasis of sensory delights. Its buildings – old and new – somehow fuse perfectly with their natural surroundings. Absolutely nothing is mundane here, not even the multistory parking garage, whose exterior could easily pass for that of an ultra-modern cultural center or designer shopping mall. Incidentally, the Faena District also possesses both of those things.

Learn more

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Global Citizens
Adriana Cisneros
ADRIANA CISNEROS

“I think it’s something like less than one third of family businesses that make it from the first to the second generation and half of those don’t make it to the third generation,” says Adriana Cisneros. “I’m the third generation in our business, so I really hope I’m going to be one of those that survives. Who knows, I might completely mess up, but hopefully not.” Messing up seems a rather unlikely prospect going by Adriana’s record to date. The company is in robust health under her leadership. She has recently returned from a whistle-stop tour of Central and South America, where Cisneros Interactive has become the sole reseller of Facebook in nine countries, the only nations on earth where the social media giant will not manage its own sales.

Facebook chose to work through Cisneros Interactive because it already has the region’s most advanced advertising network. “I started Cisneros Interactive, our digital division four years ago,” says Adriana. “Our aim from the outset has been to create the largest advertising network in Latin America and also the smartest. When we began, others were trying to do similar things, but in a very country-specific way. No one really dared to do it pan-regionally. I used the same architecture to build the business that my father did when he brought satellite television to Latin America three decades ago.”

Learn more

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Global Citizens
The Brown family & NFI: Keeping North America running
SID BROWN

I went to Georgetown University, where I majored in finance. After graduation, I went to New York, where I worked for two years in investment banking at Morgan Stanley, before attending Harvard Business School. At that point, I had to decide if I wanted to go back into investment banking or return to the family business. It was 1983 and NFI was primarily a trucking business with very small warehousing, real estate, and truck leasing components.

I’m not completely sure exactly what I was thinking at the time, but I probably felt a certain obligation to join the family business. I’d kind of grown up within NFI. From junior high school onwards, I’d always helped out at the company during summer vacations. I’d worked in the maintenance shop and as a loader in the warehouse. We had always discussed business around the family table as far back as I can remember. So I guess you could say it was in my blood.

When I entered the business, I also had two brothers and a sister working alongside me. So I not only had to figure out how to work with my father, but also with my siblings too. As we were coming up through the ranks, our father wisely refused to appoint any of us as his successor. ‘If I pick one of you,’ he said to us, ‘the others will always resent me and our relationship will suffer.’ Instead, he told us to work it out among ourselves, after which he would sell the business to us.

Learn more

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Global Citizens
Fighting an asymmetric war
MOHAMED AMERSI

Problem-solving and progress-making are second nature to Mohamed Amersi. For many years, he worked as a lawyer for two of the world’s leading firms, focusing upon highly complex equity-related deals. He subsequently set up his own advisory and investment firm specializing in technology, media, and telecoms. In 2015, he and his family created the Amersi Foundation, which particularly supports causes relating to education, poverty, conflict, and social cohesion.

The pandemic has definitely felt like a war at times. But it’s an unusual, asymmetric kind of war. The enemy we’re fighting is one that we can’t see or touch. It doesn’t deploy tanks, fire bullets or have a nuclear arsenal. But it does have hidden bases in pretty much every single part of the Earth. And our current weaponry is unable to defeat this enemy – an enemy that is only interested in killing us.

Like most people, I have had to learn a lot very quickly about COVID-19. I had no in-depth understanding of what ‘triaging,’ ‘social distancing,’ and ‘self-isolation’ were all about. We’ve all learned a completely new lexicon, a new way of living and have a new way of thinking about things. It’s a strange paradox, but we’ve had to stay apart in order to come together against this pandemic.

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