High-Caliber Professional to Lead Regional Investment Strategy for Clients
London – The Citigroup Private Bank (CPB) Europe is pleased to announce the appointment of Ernest Boles as Managing Director and Chief Investment Officer (CIO), effective July 3. Mr Boles will report to Marianne Hay, Chief Executive Officer of Citigroup's Global Wealth Management unit in Europe and to Paul Guidone, Chief Investment Officer of Citigroup's Global Wealth Management Sector, based in New York.
In this new position for the CPB Europe, Mr. Boles will be responsible for defining and implementing a strategic approach to managing CPB's investment teams and product specialists across the region.
Commenting on his appointment, Ms. Hay said: "I have known Ernest personally for a number of years and he is uniquely qualified to lead our regional investment strategies for clients of The Citigroup Private Bank. We're in the process of a significant build-out of our European platform, particularly towards developing our onshore client offering. To this end, Ernest's long experience in the pan-European markets will be a major benefit. Additionally, the combination of his client centricity, in-depth technical expertise and thorough knowledge across a broad range of asset-classes and investment solutions will prove invaluable as we continue to differentiate ourselves from the competition in Europe."
Mr. Boles joins Citigroup from Morgan Stanley where he was Managing Director and Chief Executive Officer of Bank Morgan Stanley AG, Morgan Stanley's Swiss bank, since December 2004. During his seven years at Morgan Stanley, Mr. Boles held a variety of posts within Morgan Stanley's Private Wealth Management (PWM) business. He initially joined to advise private individuals in connection with corporate transition events. In December 2001, he was appointed Managing Director and assumed additional responsibility for New Product Development for PWM Europe and the Middle East. In December 2003, he became Head of Advisory Solutions for PWM Europe and the Middle East, overseeing the development and delivery of capital market solutions in equities, fixed income, structured products and alternative assets. Prior to Morgan Stanley, Mr. Boles spent seven years with JPMorgan in New York and Geneva with responsibility for building and managing JPMorgan's Generational Planning and Wealth Advisory services in Europe and the Middle East, including a specific focus on working in partnership with JPMorgan's Investment Banking Division to advise targeted clients in connection with corporate transition events. Prior to his career in banking, Mr. Boles practiced international tax law in New York.
Mr. Boles said: "I am excited to have the opportunity to join Citigroup at this time. It is clear that Citigroup is focused on the potential and prepared to make the investment required to fulfil the potential of the ultra-high net worth business on a global basis. I also am enthusiastic about The Citigroup Private Bank 's partnership with Citigroup's Corporate and Investment Bank – the combination of commitment and ability to deliver comprehensive solutions to clients across divisional lines provides further support for differentiation in the marketplace. The opportunity is evident, Citigroup's commitment and momentum are tangible, and I am honored to become part of the team."
A former Fulbright Scholar and Kansas native, Mr Boles holds degrees in law from the University of Kansas and the University of Munich, where he also conducted research at the University's Forschungstelle für Ausländisches und Internationales Finanz- und Steuerrecht. He is a frequent speaker on a variety of investment topics relevant to ultra-high net worth investors.
