Dawn Nordberg, group head of strategic client management for Morgan Stanley Private Wealth Management, is leaving the wire to lead a new client engagement program with Citi Wealth, according to a memo from Andy Sieg, head of Citigroup Wealth Management.
In the memo to Citi Wealth employees, Sieg wrote that Nordberg would lead the new “Integrated Client Engagement” program “focusing on common coverage of Citi's clients across wealth and banking.” The program will strengthen the links between the firm's wealth and banking businesses, including finding opportunities to bring the firm's banking clients into the wealth group. The new division will report to Sieg.
“We have a powerful global brand and client franchise that no other firm can match,” Sieg wrote. “It will be essential to have partnerships in each of our five businesses in order to effectively leverage the tremendous reach of this firm.”
In addition, Nordberg will lead a new “market planning function” to determine where the firm should add new advisor talent. She will also lead the firm's growth accelerator initiative to grow client investable assets with Citi.
Nordberg worked for Morgan Stanley for 25 years before moving to Citi. Most recently, she was responsible for “managing cross-collaboration, marketing and execution opportunities” between the firm's institutional, wealth management and investment divisions, Sieg wrote.
Nordberg's appointment comes amid several focused changes at Citi Wealth, including the departure of David Bailin, the firm's chief investment officer, in April. According to ReutersSieg informed colleagues that Bailin would pursue new opportunities and that Steven Wieting, a chief investment strategist and economist, would serve as interim CIO.
In March of last year, Sieg left Merrill Lynch to head Citigroup's wealth management division, reporting to CEO Jane Fraser, who made it clear that she sees the wealth business as strategically crucial to the firm.
Earlier this year, Don Plaus, who retired as head of Merrill Private Wealth last year, returned to the fray and joined Citi as Head of Private Banking in North America. He had spent 32 years at Merrill. In response to his departure in 2023, Merrill selected Lindsay Hans (who previously headed Merrill's Northeast division) to take his place. Hans was promoted again after Sieg left to co-head Merrill Wealth with Eric Schimpf.