Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The megabank had another productive recruiting quarter in its wealth units, as it reported record first-quarter revenue Friday.

The private equity-backed independent wealth management firm's liabilities have surged by 87%, but Moody's expects its leverage to fall this year.

Managing partner Penny Pennington received lower pay last year due to the declining business.

The ratings agency said the firm's leverage, which is poised to spike from the acquisition, will ultimately decrease this year due to profits from rising interest rates.

While income saw a massive increase, platform assets were down year over year for the California TAMP.

The company that provides services to 106,000 posted financial results that were a mixed bag of big-picture wins and notable setbacks.

An expanded base of partner RIAs fueled soaring net income and rising debt for the publicly traded aggregator, which is expected to go private at $4.1 billion.

The largest independent broker-dealer is also "on a journey" to reach more high net worth clients through new tools under development, CEO Dan Arnold said.

With another potential private equity transaction, the RIA aggregator would make the opposite of the move it made only four years ago.