Citi Private Bank hires Goldman's Hitsch to run China

Rudolf Hitsch left Goldman Sachs and joined Citi Private Bank last week as Hong Kong-based global market manager for China.

He is responsible for Citi's offshore China private-banking franchise and reports to Aamir Rahim, Asia-Pacific chief executive in Hong Kong.

Sources say the China head role at Citi Private Bank has not been held formally by anyone before. Hong Kong-based Andrew Tung led the China team for a spell on an interim basis, but moved into a senior client-facing role earlier this year, they add.

Having joined Goldman in 1998, Hitsch was most recently an executive director covering clients for the wealth management business in China, which is headed by Harvey Lee. Before that, Hitsch was with consulting firm McKinsey & Co.

Goldman does not plan to hire a direct replacement for Hitsch, but is always hiring for its private bank business, says a source familiar with the bank.

Hitsch's degree in Mandarin from Beijing Language and Cultural University in China is presumably a major advantage for client relationships on the mainland.

Citi provides private-banking services to high-net-worth individuals and families with a minimum net worth of $10 million. The firm does not disclose assets under management.