You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. When advisor Natasha Howe was living in Los Angeles, a lot of the women in her friend group were social media influencers. One of her friends, model and influencer KT Lordahl, had a $250,000 check on her dresser. “She said, ‘I'll get to it one day,’ and I'm like, ‘What if it bounces? You have to cash that right away. If they gave you the check at the time when they have the funds there, and the ...

Core Viewpoint - Citigroup's wealth chief believes the equity bull market has potential for further growth, indicating that wealthy clients are still showing interest without excessive exuberance [1] Market Performance - The S&P 500 has declined approximately 2% in November, marking its worst month since March, amid increased volatility and a selloff in major technology companies [2] - Despite the downturn, Citigroup does not anticipate a market turning point, as earnings expectations remain robust [3] Wealth Management Strategy - Citigroup's wealth unit has shifted focus from a lending-heavy model to investment management, with client investment assets increasing by about 14% year-over-year in Q3 [4] - New inflows into the wealth unit reached $37.1 billion in the first nine months of the year, with a record inflow in Q3 [4] Regional Performance - Asia has shown particularly strong performance, with record inflows in Q3, leading to increased bonuses for private bankers in the region [5] - The bank's growth in Asia is primarily driven by clients from China, with significant contributions from non-resident Indians in markets like Singapore and Dubai [8] Organizational Changes - Citigroup is undergoing a significant revamp under CEO Jane Fraser, including job cuts and a focus on improving returns [6] - The bank plans to integrate its retail banking operations with its wealth management business, creating a unified group [7] Leadership and Culture - The wealth chief has faced challenges, including an investigation into workplace conduct, but maintains that the findings do not reflect his leadership style [10]

Core Viewpoint - Citigroup's wealth chief believes the equity bull market has potential for further growth, as the bank is experiencing record inflows from wealthy clients this year [1][4]. Group 1: Market Sentiment - There is no exuberance in the market, and investor behavior does not reflect the late stages of a bull market, where excessive capital is thrown at stocks [2]. - The S&P 500 has declined approximately 2% in November, indicating it may face its worst month since March, with increased volatility and a selloff in major technology companies [3]. Group 2: Client Behavior and Inflows - Wealthy clients are maintaining cash reserves and are looking to enter the market with downside protection through structured products [4]. - Citigroup's wealth unit has shifted focus from a lending-heavy model to investment management, with client investment assets increasing by about 14% year-over-year in Q3 [6]. Group 3: Performance and Strategy - New inflows into Citigroup's wealth unit reached $37.1 billion in the first nine months of the year, with a record inflow in Q3 [6]. - Asia has shown particularly strong performance, with record inflows in Q3, leading to increased bonuses for private bankers in the region [7]. Group 4: Organizational Changes - Citigroup is undergoing a significant revamp under CEO Jane Fraser, which includes job cuts and a strategic shift to improve its market position [8]. - The bank remains the only major financial institution trading below book value, indicating a perception of being undervalued by investors [8].

Core Viewpoint - Marex Group plc has faced a significant decline in share price following a critical short report alleging a multi-year accounting scheme involving misleading financial practices [1][4]. Group 1: Investigation and Allegations - Hagens Berman, a national shareholders rights firm, has initiated an investigation into Marex for potential violations of securities laws, urging affected investors to report their losses [2][5]. - The investigation focuses on the accuracy of Marex's financial statements and the adequacy of its disclosure controls [3][5]. - NINGI Research's report claims that Marex engaged in a complex accounting scheme using off-balance sheet entities and fictitious transactions to hide losses and inflate profits [4][7]. Group 2: Financial Manipulation Claims - The report alleges that Marex utilized an opaque fund structure in Luxembourg to manipulate earnings and conceal risk [7]. - It was revealed that Marex created an undisclosed off-balance sheet entity, the 'Marex Fund', which holds over $930 million in derivatives, with Marex as the sole counterparty, excluded from risk models [7]. - The report also criticizes Marex's operating cash flow claims, stating that after adjusting for reported debt, the cash flow was negative approximately $150 million in 2024 and negative about $258 million in 2023 [7].