From Yahoo Finance: 2025-05-06 16:30:00

Citi’s head of wealth, Andy Sieg, remains cautious about the stock market rally, citing uncertainty and soft data. With as many downward earnings revisions as seen in a long time, his team is waiting for more information before taking on additional risk assets. Sieg oversees a global wealth business at Citi with over $1 trillion in client assets and 13,000 employees. Strong earnings reports from tech giants like Meta, Alphabet, and Microsoft have fueled the Nasdaq Composite to a 13.5% gain in the past month, despite concerns about Trump tariffs impacting companies like Apple. The S&P 500 and Dow Jones snapped their longest winning streaks in years, with all three major indexes in the negative for the year, led by an 8.5% drop in the Nasdaq. Nuveen’s chief investment officer sees two reasons for the rally – quick market recoveries after downturns and optimism following negotiations post-“Liberation Day” peak tariff pain. Sieg’s wealth business at Citi had a strong first quarter, with $2.1 billion in revenue, a 30% gain in net interest income, and $16.5 billion in net new investment assets. Operating expenses remained flat year over year, but the challenge lies in sustaining momentum amid heightened market volatility. Wealthy investors may hesitate to allocate more funds to private and public markets in this uncertain backdrop.



Read more at Yahoo Finance: Why Citi’s head of wealth isn’t sold on the stock market rally