The UK arm of Citibank has confirmed that it is seeking 20 – “and very likely more”, according to a spokesman - investment management consul...

The UK arm of Citibank has confirmed that it is seeking 20 – “and very likely more”, according to a spokesman - investment management consultants to expand the Investment Advisory Service that the bank announced in July. This service provides customers with a free financial health-check and is aimed at helping them build model investment portfolios. These use historical asset class data and modelling techniques to offer plans tailored to a customer's risk profile and objectives. The initial offering of a range of funds covering all major asset classes was selected using the bank's in-house fund selection process that has recommended funds in countries in mainland Europe since 1999. Citibank's UK list includes funds from New Star Asset Management, Invesco Perpetual, Fidelity Investments, Schroder Investment Management and JP Morgan Fleming Asset Management. The service also offers a wide range of banking products including sterling, euro and dollar current accounts, 10 currency deposit accounts, and 24/7 banking by Internet or telephone. The additional staff are likely to be involved with the new investment and retirement services planned for “later in the year”.