Citigroup’s Global Wealth Management division, which encapsulates Citigroup Private Bank and Smith Barney, increased profits by 16 percent during 2006, according to its latest set of results. The division reported total net income for the year of $1,444 million compared with $1,244 million the previous year. Revenue came in at $10,177, a 17 percent increase on the $8,684 million in 2005.

This compares with total group profits of $21,538 million, a 12 percent fall on the previous year. This mainly reflected the group's life insurance and annuities business.

Profits at Smith Barney increased by 15 percent to $...