Voice of Experience: Ida Liu, Head of the Fashion, Retail and Consumer Group, Citi Private Bank

by Pamela Weinsaft (New York City)

Ida Liu creates wealth management strategies for ultra high net worth individuals in her role as Head of the Fashion, Retail and Consumer Group at Citi Private Bank. From high finance to high fashion and back, her career path is a testament to following your passions and to keeping in touch with your contacts.

Born in California and raised in a Mandarin-speaking home by her Chinese parents, Liu said, “My father really is an inspiration to me. He instilled in me from a very young age a work ethic and the ability to work really hard, not give up. I saw him start a business and the can-do attitude and work ethic were instilled in me at a very young age, and still inspire me everyday.”

Liu graduated from Wellesley College with a dual major in Psychology and Chinese Studies, with a concentration in Economics and a passion for fashion. “I was one of six corporate buying interns at Neiman Marcus during my junior summer while at college and was offered a job to be an assistant buyer out of college but decided to take the investment banking route [after acing the on-campus interviews]. At the time, I thought that it would be easier for me to go into investment banking and then into fashion rather than the other way around.”

She was offered the opportunity to work for BT Wolfensohn in Mergers and Acquisitions investment banking. That was followed by a 5-year stint with Merrill Lynch’s investment banking division, focusing on China and Taiwan-specific deals in the Technology, Media and Telecom sectors. “Merrill Lynch was a tremendous opportunity from a global perspective.” Still, after 6 years, Liu was looking for a change. “The hours were grueling. I was on a plane 24-7. I was really tired.”

Pursuing Her Fashion Dreams

Liu decided to give herself the chance to explore what had always been in the back of her mind: her passion for fashion. She went back to her network—she had kept in touch with her fashion industry contacts—and the door to her next adventure opened. “I contacted my former colleagues that I had kept in touch with at Neiman Marcus and they set up an interview for me with Bergdorf Goodman, Neiman’s flagship store in New York.”

Liu said, “[The Chairman] really took a chance on me. He looked at my résumé and said, ‘Wow, you are about investment banking and finance.’” Still, he gave her an opportunity to build a department that had been suffering, and, within four months, she went from running one struggling department to running all of the European designer collections – Chanel, Armani, Dolce and Gabbana, Gucci, Yves Saint Laurent – on the second floor of Bergdorf Goodman.

She did it by leading by example. “It is important to act in a way you want your team to behave and not be afraid to get down and dirty. I was on the floor. I was talking to clients. I was listening to what they needed. I was not afraid to go in the stockroom to restock the floor. We were working together as a team. That re-inspired my sales associates to drive the business. It was a new level of energy that we created and all the positive momentum really paid off.” She added that she also brought “some good organizational skills and a different perspective. That definitely helped as well.”

Shortly thereafter, she was introduced to designer Vivienne Tam by a mutual friend. “Vivienne had been one of my favorite designers since as early as I can recall. In college I was wearing Vivienne Tam designs and she’s got a tremendous aesthetic— very unique—whenever you wear it, you feel great and stand out.”

She and Tam had a great conversation which led to more conversations. “We got together for lunch and tea and it progressed over time. It was a mutual chemistry to begin with. We had a lot to talk about. I asked her about strategy – why she didn’t do this or focus on that. That was something that really appealed to her.” When Tam had an opening for Director of Global Sales, Marketing and Business Development, Liu jumped at the opportunity. “It was a great way for me to expand my fashion experience. I had been on the department store side and this allowed me to move over to the wholesale side of running of a small business.”

Liu worked with Tam for just about 3 years—“she’s still a great friend”—and did “very well with expanding her business into Europe and building partnerships with big organizations.” But Liu was once again ready for a change.

Transitioning Back From Fashion to Finance

“After working in fashion for quite some time I really missed many aspects of finance. I asked myself what the best way to combine the best of both worlds and utilize the tremendous network that I had in both the finance and fashion sectors,” Liu said. She approached Citi with an idea to create a wealth management department for those at the top of the fashion, retail and consumer sectors. “I came to the interview with big ideas about establishing a group focused on fashion, which I’d noticed none of our competition had. I looked at what made me unique and launched the industry focus group, which didn’t exist before.”

Liu works with designers on analyzing “their personal investment portfolios as well as helping them come up with strategic solutions for their businesses. For example, many of our clients are global businesses and they have a lot of foreign exchange exposure. Many of our fashion clients appreciate the value add of using foreign exchange hedging to mitigate risks associated with their exposure.”

Nearly three years in, the business is doing well. “I’m thrilled to say that we’ve had a strong grass roots referral initiative and we’ve had very successful ties with many strategic partners in the fashion industry, which really has helped us generate referrals and new business on a daily basis. It is a great learning experience for me. It is wonderful to be their advisor on all of their wealth management needs across the board.”

Liu said, “I always tell everyone I found the perfect job because I absolutely love private banking. It’s rewarding to help clients with complex needs and provide meaningful solutions. I enjoy working with my clients, I love solving problems for my clients and I love bringing great solutions to my clients. It gives me energy.”

Asked about the biggest challenge she faces, Liu replied, “Making sure you continually grow your business. In order to succeed, you have to have a strong network of individuals and be able to transition that network into clients. Fortunately, we have been very successful thus far. The next step is to continue to build on the tremendous momentum and continue to be the leader in wealth management solutions for our clients.”

In addition to her responsibilities at Citi, Liu loves to travel and is very involved with non-profit and charitable organizations. “It is very important for me to give back to society,” said Liu. She maintains her connection to her alma mater, as a member of the Wellesley Alumna organization, as well as being part of the President’s Circle for Asia Society. She has co-chaired Asia Society’s Spring Gala for the past two years and serves as an advisor to Asia Foundation’s Lotus Circle which focuses on improvement of women’s needs around the world. She also volunteers with Meals on Wheels. “It’s so amazing to spend 10 minutes talking to the people we serve. It gives me so much joy.”

Ever the networker, Liu is the Communications Co-Chair of the Citi Women’s Network, which helps women get to know one another across industries and groups. “I wish I had joined and been more active in these types of organizations fresh out of college, it is never too late. The absolute importance of networking and finding the right mentors can’t be overstated…That’s how I got to transition from investment banking to fashion and also from fashion back to finance.”

Advice to Women in Finance: Be Gutsy!

Liu’s personal motto: “Work hard, work smart and always work with the utmost integrity. Always do what’s right and what would best serve your clients.”

She tells women to “be gutsy.” She explains, “You don’t want to be your own obstacle. You want to take on challenges and continue to challenge yourself. If you don’t ask, you’re not going to get.”

She also advises young women to “find the right mentor and prepare, prepare, prepare. Identify your strengths and what makes you unique; that’s key. Continue that self exploration and don’t be afraid to take chances and fail. Learning from your mistakes makes you a stronger leader.”