UPDATE 1-Goldman hires Citi's Sondhi for wealth mgmt - sources

(Adds Goldman assets)

SINGAPORE, Oct 30 (Reuters) - Goldman Sachs (GS.N) has hired Ajay Sondhi as a managing director for private wealth management in Asia from Citigroup (C.N), where he headed the unit that oversaw rich Indian clients, sources said on Thursday.

The hiring comes a few months after Goldman nabbed Kaven Leung as deputy head of Asia private wealth from Citigroup, where he headed Asia wealth management.

Sondhi will be based in Singapore overseeing Southeast Asia, a source familiar with the move told Reuters.

He previously was the Singapore-based head of Citigroup's Global India unit that oversaw resident and non-resident Indian millionaires.

Citigroup confirmed Sondhi's departure and said its 17-year old veteren banker Anuratna Chadha assumed his role, a spokesman for the bank said.

Goldman does not disclose the assets its private wealth management unit manages in Asia.

Goldman's private wealth management had $219 billion worth of assets globally at the end of 2007, according to London-based consultant Scorpio Partnership.

Scorpio ranked UBS (UBSN.VX) as the world's biggest wealth manager with assets of $1.89 trillion.

Analysts have said profits at the world's private banks, whose fortunues soared this decade in tandem with their rich clients, will fall as the global financial crisis slashes revenues from fees and sales. For an analysis on private banking click [ID:nPEK130916] (Reporting by Saeed Azhar; Editing by Neil Chatterjee)