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Citibank Investment Forum ΙΙΙ
8 Leading Fund Houses Talk about the Global Markets in Athens


Athens, November 24, 2011.

Citibank presented for the 3rd consecutive year the views of eight leading Fund Houses, as well as the famous Citigroup analyst, Tobias M. Levkovich, to 1,000 Citigold Personal Banking customers, on Tuesday, November 22nd, at Athenaeum Intercontinental Hotel.

In Citibank’s 3rd Investment Forum, Citigold customers were exclusively informed on equity markets by Mr. Levkovich and on all the basic asset classes by senior analysts of Invesco, JPMorgan, Franklin Templeton, Pioneer Investments, BlackRock, Schroders, Pictet and Goldman Sachs. These Fund Houses distributed their products to Greece via Citibank, through its “Open Architecture” service.

Citibank first introduced to Greece in 2001 the “Open Architecture” concept, through which Citibank customers can select from a wide series of investment products from established Fund Houses, while at the same time they are offered access to global markets. Citibank is a leader in the Greek market of Mutual Funds, by offering its customers the widest variety of investment proposals with more than 300 different products.

Reviewing Equity Markets, Mr. Tobias M. Levkovich, Managing Director, Strategist, της Citi Investment Research and Analysis, mentioned that “the US credit environment is supportive of modest local economic growth into 2012 which allows for 4% earnings growth for the S&P 500 and some similar gains for the index to 1375 by the end of 2012.  The US is unlike Europe where credit conditions have tightened up due to higher government funding costs and banks retaining capital, suggesting a deeper recession next year than many may be forecasting.  Thus, we are worried about areas in the US market which have large European cyclical sales exposure such as capital goods and autos. Other factors that support a constructive view on the US equity market include depressed investor sentiment, attractive valuation and moderate earnings expectations.  We prefer equities to gold given a 125-year study which has only provided six signals as to when one should buy one asset class over the other.  Risks to our view would involve a broader global financial crisis and trade protectionism. Our US industry group preferences include being overweight technology hardware, semiconductors, insurance, diversified financials, telecom services, as well as food, beverage and tobacco.  We underweight pharma/biotech, capital goods, autos, software and real estate investment trusts.”

Invesco’s Rhett Baughan, Manager of European Strategic Distributors for Invesco Continental Europe, “presented a mutual fund that focuses on the efficient management of risk, via a mechanism that allocates investor assets in equity, bond and commodity indices in such way that each asset category has an equal risk contribution on the overall portfolio”. 

Olivia Mayell, Managing Director, Head of Client Portfolio Management Team in Global Multi-Asset Group, JPMorgan Asset Management, highlighted “the benefits of a mutual fund that targets long-term capital preservation via the implementation of a disciplined approach in controlling portfolio risk”.

Franklin Templeton’s Elsa Goldberg, Vice President & Senior Product Manager responsible for Global Fixed Income strategies at Franklin Templeton Investments, referred to “global fixed income opportunities that arise from the divergent growth path that developed markets follow in comparison to emerging markets. According to the fund house, fixed income investments may offer historically attractive risk adjusted returns”.

Alessandro Giuli Rosselmini Gualandi, Sales Manager - Distribution Wholesales, of Pioneer Investments, presented “an investment proposal on European equities. Despite negative publicity and low investor confidence, Pioneer believes that investments in high quality European equities with strong fundamentals and exposure to global emerging markets are likely to over-perform in the future, especially given the attractive valuations these companies have”.

From Blackrock, Nick Nefouse, Director and product specialist, member of the Global Equity team within the Fundamental Equity division of BlackRock's Portfolio Management Group, ”focused on equity income strategies and argued that the current economic climate, which is characterized by low interest rates, low growth and low inflation trends is a climate that benefits most stocks that offer sustainable and high dividend yields”.

Lydia Malaki, Director for Central Eastern Europe and the Mediterranean (CEEMED) in Schroders, focused on “an innovative investment proposal that simulates hedge fund strategies under a UCITS III regulatory framework that characterizes modern industry practices”.

Pictet’s Paolo Paschetta, Head of Retail Distribution for Italy and Greece, presented their “investment proposal on emerging market local currency bonds. Due to their strong growth rates, low debt-to-GDP levels and effective central bank monetary policies in combating inflation, emerging market countries have favorable fixed income opportunities in local currency, according to the fund house”.  

Antony Catachanas, Head of Third Party Distribution Greece & Cyprus & UK Global Distributors at Goldman Sachs Asset Management, presented “an investment proposition in the area of "Next 11” Emerging Markets (Turkey, Egypt, Nigeria, South Korea, Mexico etc.) highlighting the investment opportunities which appear in those countries due to demographics (increasing working age population) and the rapid growth in consumer spending”.

Citigold Personal Banking is a set of high quality services that combines global wealth management solutions with the know-how of Citibank, one of the leading financial institutions worldwide, special pricing, global banking services, exclusive privileges and priority banking. Citigold is addressed to customers with a banking relationship of at least 100,000Euros.

Media contacts:      Manina Menidiati                 tel. no.: 0030-210-8186274
Marilena Makri                      tel. no.: 0030-210-8186408

Citibank has been active in Greece since 1964 and is the largest foreign bank in Greece with presence in shipping, corporate and consumer business. At present, the Bank has 41 sale points and more than 1.200 employees. Citibank Consumer Group offers products and services on a range of bank accounts, Mutual Fund investments, Financial Services, Insurance Programs, Loans and full range of credit cards. For more information visit

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