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Mid-Year Outlook 2021

Traveling to the post-COVID world: A new economy, new portfolios

It’s been one of the most challenging periods for humanity in living memory. Now, though, the end of the pandemic is coming into view and the global economy is heading for a full reopening. Despite the return of normality, we also believe the world after COVID will be rather different from how it was before. Certain changes during the pandemic are likely to endure long after the virus is defeated. And we believe that this new economy needs to be reflected in investors’ portfolios.

In Mid-Year Outlook 2021, we examine our exit from the pandemic and what lies beyond. We highlight the assets that still offer recovery potential even after the strong rally of the last year. But we also explain why these are unlikely to be the investments that lead markets higher in the long term. We thus seek to exploit the trends that will keep reshaping the world beyond COVID.

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Letter from David Bailin

Read David Bailin’s letter on the case for new portfolios for a new economy.

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Mid-Year Outlook will be available in five languages.

Download PDF (10.29 MB)

Meet the team

Outlook is created by a team of wealth experts from across the Private Bank.

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David Bailin caricature
David Bailin
Global Head of Investments & Chief Investment Officer

David has overall responsibility for Citi Global Wealth Investments, which unifies the Investments teams of the Private Bank and the Consumer Bank worldwide.

As Chief Investment Officer, David ensures the integration of our asset allocation, manager research and portfolio management teams, and offers his perspectives on the markets.

David joined the Private Bank in 2009 as the Global Head of Managed Investments. He designed the architecture of our global managed investments platform, including its Citi Investment Management unit, and our distinctive private equity, real estate, hedge fund and traditional investment teams. He became Global Head of Investments in October of 2017.

Prior to joining Citi, David was Head of Alternative Investment Asset Management for Bank of America Global Wealth and Investment Management, where he was responsible for client alternative investments across private equity, real estate, venture capital and hedge funds. He has been a co-founder of a hedge fund of funds, Martello Investment Management, and a senior executive at two leading hedge funds, John W. Henry and Company and Ellington Management Group.

David holds a BA with honors from Amherst College and an MBA with honors from Harvard Business School.

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Steven Wieting
Chief Investment Strategist and Chief Economist

As well as chairing the GIC, Steven heads our Global Strategy team, which formulates our macro investment views across all regions and asset classes.

As Chief Economist, Steven provides detailed macroeconomic analysis and advice across regions, helping clients to understand and invest in a complex world.

Previously, Steven was Citi Investment Research’s Head of Economics for the US institutional equities business.

He was also economic advisor to the Morgan Stanley Smith Barney Global Investment Committee until early 2013.

Steven holds an MS in Quantitative Economics from Bernard M Baruch College.

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Harlin Singh caricature
Harlin Singh Urofsky
Global Head of Sustainable Investing

As Head of Sustainable Investing, Harlin works across Citi’s investment divisions to develop and oversee investment solutions along the full spectrum of sustainability - ESG integration, socially responsible,thematic and impact investments - to ensure the integration of sustainable practices in alignment with Citi’s best thinking on research, asset allocation and diversification. She also works closely with the Chief Investment Officer and Chief Strategist teams to deliver thought leadership and content to clients and external partners and works with the Global Investments Lab to develop and deliver client portfolio analytics.

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Daniel G O'Donnell caricature
Daniel G. O’Donnell
Global Head of Citi Investment Management Alternatives

Dan leads a team of professionals in Boston, New York, London and Hong Kong dedicated to identifying key themes across alternative asset classes, and originating opportunities for clients.

Prior to joining Citi, Dan worked for Bank of America’s alternative investment group, focusing on private equity and real estate origination and investment management. Dan also has experience working on all aspects of the underwriting and monitoring process for a wide range of buyout, venture capital, and real estate investments during his career in Bank of America’s principal investing division

Dan holds a bachelor’s degree from Pennsylvania State University and an MBA from the University of Chicago.

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Ken Peng sketch
Ken Peng
Head of Investment Strategy
Asia Pacific

Based in Hong Kong, Ken is responsible for identifying investment opportunities and risks across asset classes throughout the region.

Ken has over 20 years of investment and research experience. Prior to joining the Private Bank, he was Senior China Economist at BNP Paribas. Previously, he worked for Citi Investment Research for 11 years. Based in Beijing and Shanghai, he covered China macro investment themes and Asia regional economics. He started his career in 2000 covering the US economy and markets for Citi Investment Research in New York.

Ken received a bachelor’s from Boston College and an MBA from the New York University Stern School of Business.

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Wietse Nijenhuis caricature
Wietse Nijenhuis
Senior Portfolio Manager - Citi Investment Management

Wietse is responsible for identifying specific equities and style factors that drive global indices.

He is a member of the Office of the Global Chief Investment Strategist, working in close partnership with our regional investment strategists worldwide to anticipate how local economic trends may impact future equity performance.

Previously, Wietse was Global Equity Strategist at an asset manager in the UAE. Prior to that, Wietse was a sell-side equity strategist with HSBC in London and then in South Africa, with a focus on emerging markets.

Wietse holds bachelor’s in finance from the University of Durham.t

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Robert Jasminski caricature
Robert Jasminski
Global Head of Citi Investment Management

Rob oversees Citi Investment Management’s operations globally, which responsible for approximately $80.5bn in assets under management and advisement.

He is also a voting member of the Global Investment Committee, which sets the Private Bank's tactical asset allocation recommendations.

Rob is an industry leader in global developed and emerging market equity management and has more than 25 years’ investment experience.


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