Citigroup veteran Leung hops over to help build out private-client business. Kaven Leung, who earlier this month stepped down as head of Citigroup's Asia-Pacific wealth-management business, is set to join Goldman Sachs in the newly created role of deputy head of its Private Wealth Management unit in Asia (not counting Japan). When he starts at Goldman in a few weeks, Hong Kong-based Leung will report to David Voon, head of Goldman's private-wealth-management division in Asia.

Memo

"Kaven will be responsible for establishing and executing Private Wealth Management's business strategy in Asia ex-Japan, as well as leading our team of investment professionals in developing client relationships," according to a Goldman memo sent to staffers earlier this week.

Leung spent 21 years at Citi. In his last role there he led a staff of 2,000.

For now at least Deepak Sharma, head of Citi's wealth-management operations outside the U.S., will take direct responsibility for the firm's private-client business in Asia -- a job he held until early 2007, when Leung took over.

Goldman has been building up its non-U.S. wealth-management operations for the past few years in a move to further diversify its revenue base. In 2006, the firm released a study predicting that Brazil, Russia, India and China -- the so-called BRIC economies -- would out-produce the G7 by 2040.

Last year India led the world in high-net-worth population growth, adding 23,000 new millionaires for a total of 123,000, a gain of 23%, according to the latest World Wealth Report by Capgemini and Merrill Lynch. China came next with 20.3% -- mainly on the back of stock-market gains. -FWR

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