Citi, Schroders launch investIQ for Citi clients

The Financial Industry Regulatory Authority fined Citigroup $5.5 million and ordered it to pay at least $6 million to retail customers over errors that occurred between February 2011 and December 2015, and involved more than 38 percent of the equity securities that the New York-based bank covered.

KUALA LUMPUR: Citi and Schroders have launched a digital tool, investIQ, on the Citi Wealth platform in selected markets across Asia,  including Malaysia, Middle East and Europe. 

In a joint statement on Monday, they said investIQ was developed by Schroders alongside behavioural scientists which will enable Citi clients to better understand how their personality could impact their investments. 

InvestIQ , which combines the science of behavioural finance and investment education, will be exclusively available to Citi clients in Singapore, Malaysia, United Arab Emirates, the United Kingdom, Thailand, Indonesia, Philippines and Poland in the first half of 2019. It will be gradually rolled out in more Asian markets in the second half of 2019.

investIQ analyses the user’s investment personality, strengths and weaknesses, which will ultimately help them make more informed, well-rounded investment decisions. 

At the core of it is an analysis tool that categorises users into four investment characters and shows them how they measure against nine behavioural traits. 

This will encourage users to think more critically about the decisions they make, and avoid obstacles that could hamper them from achieving their financial goals.
 
The collaboration between Citi and Schroders in offering this innovative client-centric tool underscores our collective efforts to better serve end-investors, helping them stay focused on their long-term investment objectives. 

investIQ will be available for the bank’s Citigold and Citigold Private Client with assets from around US$100,000 to US$10mil.
 
Paul Hodes, Citi head of consumer wealth management, Asia Pacific and EMEA, said: “This is another example of Citi partnering with leading global investment managers to offer market-leading value propositions to enrich the client experience. 

We continue to invest in wealth management tools to support our clients, and we are honoured to partner with Schroders on investIQ.”
 
Lieven Debruyne, CEO, Asia Pacific, Schroders said: “Enabling investors to explore the impact of emotions in investment decision-making and providing them with strong educational content is crucial in helping them set proper investment goals. 

“We are pleased to partner with Citi to offer this digital tool to their clients in Asia and globally, as we believe this is an effective channel to improve their awareness, knowledge and behaviours necessary to make sound investment decisions. 

"As a leading global investment manager, Schroders is committed to bringing relevant and innovative solutions to investors and be the trusted expert they can rely on for their long-term investment needs.”

Schroders manages £421.4bil (US$536.7bil) of assets as at Dec 31, 2018.