Why the head of Citi’s wealth is not sold at the stock market rally

Santa Monica, California.

“We are cautious in deploying incremental risk assets. Our message has not been to liquidate your portfolio and go to cash. Our message has been, right now, there is a great uncertainty. We have seen mild data, but there is still not much hard data,” said Yahoo Finance to Yahoo Finance in Yahoo in the Milken Institute Global Conference Tuesday.

Sieg said that there has been “so many revisions downhill (of gains) as we have seen in a long time.” Your team is looking for additional information before taking more risk assets.

“We generally think that the market will remain in a negotiation range here in the coming months until some of these things are more visible,” he added.

Sieg oversees a global wealth business in Citi with more than $ 1 trillion in customer assets and 13,000 employees.

First quarter strong Earnings reports of goal (Goal), Alphabet (Googl), and Microsoft (Msft) In the last two weeks they have fed the NASDAQ-PPA compound (^Ixic) Up to a gain of 13.5% last month. This is despite Apple’s tastes (AAPL) warning that Trump’s rates would affect their cost base in the A adjustment of $ 900 million.

On Monday, the S&P 500 won a nine -day winning streak. Marked the longest winning streak of actions dating back to 2004. The Dow Jones industrial average (^Dji) Also it ended a nine -day winning streak, the best since 2023.

The three main rates are negative for the year, however, the Nasdaq led to a fall of 8.5%.

“I think there are two reasons for (the rally)”, Saira Malik told Yahoo Finance to the Milken Institute Global Conference. “Number 1, when the markets usually go down quickly, they actually recover quickly. So the story was repeated. And No. 2, I think the” liberation day “was a maximum tariff pain and we have seen many negotiations since then, and I think the markets begin to appreciate it.”

As for the wealth business of SIEG in Citi, a strong first quarter will come out thanks to a strong market before April “”Day of release. “The division recorded income of $ 2.1 billion, which was a 30% gain in net interest revenue. Customer investment assets were assisted in $ 16.5 billion in new net investment assets, which ranked total $ 595 billion. Operating expenses were flat year after year.

If Sieg can maintain impetus in the midst of augmented market volatility, he must debate. The backdrop is such that rich investors may think twice before assigning more funds to public and private markets.