Andy Sieg to Head Citi Global Wealth

Merrill Lynch Wealth Management's president returns to former employer.

Michelle.Lodge310x310
|
Reviewed by: Michelle Lodge
,
Edited by: Michelle Lodge

Andy Sieg will be back at his old stomping ground, Citi, when he joins the bank as head of Citi Global Wealth in September. 

He spent nearly 14 years at Merrill Lynch Wealth Management, which is owned by Bank of America. Sieg’s departure was announced following the market close on Thursday, effective immediately. He must take a mandatory six-month leave, so he will start at Citi in September. The executive previously worked for Citi between 2005 and 2009.  

“This is a fantastic opportunity to build a leading wealth management business at the world’s most global bank at a time of massive wealth creation worldwide,” Sieg said in a statement. “There is a transformation underway at Citi, and I am excited about becoming part of a team that’s driven to deliver for clients, colleagues and shareholders.” 

“Growing wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns,” said Citi CEO Jane Fraser, to whom Sieg will report. “In my conversations with Andy, it is clear to him that our team is on a mission to transform Citi, and he is highly driven and motivated to play a central role in our firm’s leadership.”  

According to Sieg’s LinkedIn.com profile, he oversaw “more than 25,000 employees who provide investment and wealth management strategies to individuals and businesses across the U.S.”  

He also led the Bank of America’s Investment Solutions Group, which included the chief investment officer and a wide range of thought leadership, product and portfolio offerings and platforms. His prior job at Citi was as managing director of myFi, its discount financial advice platform, which the bank shut down in 2009, the year Sieg moved to Merrill Lynch.  

Early in his career, he worked in the White House, after receiving a master’s degree in public policy, business and government relationship from the Harvard Kennedy School. He graduated from the University of Pennsylvania with a B.S. in economics.  

Fraser added, in a staff memo published on Citywire, that Sieg’s decision “sends a strong signal about the potential of our wealth proposition and the attractiveness of our unique global offering.” 

 

Follow Michelle Lodge on Twitter @lodgemich 

Michelle Lodge is a journalist who is a contributor to many sites: Fortune, Money, Time, Barron’s, Investopedia, CNBC.com and Bloomberg.com.