Citigroup Asia Family Office Division Set to Expand by 25% Amid Intense Competition in Singapore and Hong Kong

Citigroup Asia Family Office: Division will likely gain 25% more customers this year due to Singapore and Hong Kong’s intense competition for money. Expect this increase throughout Asia. These two towns will likely drive this expansion.

Faye Ong, regional head of Citigroup’s family office consultancy division, told Reuters she was hopeful about the company’s future. The company will succeed, according to Faye Ong. This hope was predicated on the company’s success in 2022. That year, Asia’s client base rose by 50% annually.

To accommodate the increased demand from wealthy Asians for private investment vehicles and future planning, global banks have been expanding their family office divisions in Asia. Asia’s growing middle class drives this requirement.

Citigroup’s Asia family office service became a business in 2020. It now provides guidance, family governance, estate planning, charity, investing, and deal-making to ultra-rich clients. In 2021, the team added Faye Ong.

Citigroup Asia Family Office
Division Set to Expand by 25% Amid Intense Competition in Singapore and Hong Kong

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Hong Kong, China, the Philippines, India, and Indonesia are interested in opening family offices there. The opening of local family offices has piqued this interest. In March, the Hong Kong government passed laws to strengthen business trust and recruit family offices when the COVID-19 laws entered effect. These measures aimed to attract family offices by making the city more attractive to investors.

Ong says he is in talks with current and new clients, and some are considering registering their family offices’ automobiles in Hong Kong. To enhance local employment markets, stock markets, and environmentally friendly ventures, Singapore, a key Asian financial center, has modified how family offices are taxed.

According to Singapore’s central bank, single-family workplaces increased from 400 in 2020 to 1,100 in 2019. This indicates recent changes in Singapore’s family office scene.

Our Reader’s Queries

Is Citigroup’s Asia family office clients poised to grow 25% in 2023?

Citigroup’s family office business in Asia is expected to experience a significant increase in clients by 25% in 2023, as per Faye Ong, the regional head of the bank’s family office advisory unit. This growth is occurring amidst heightened competition between Singapore and Hong Kong to attract more wealth.

Who is the head of Citi family office?

Introducing Hannes Hofmann, the leader of our Global Family Office Group and a wealth expert with a wealth of experience. With a background in global institutional wealth, Hannes brings together the vast network and resources of Citi with our private banking services. He has spent over 20 years in various roles globally, including at J.P. Morgan before joining our team.

How many countries does Citigroup operate in?

With our extensive global network, we have the capacity to conduct business in almost 160 countries. We leverage our local banking licenses and on-the-ground expertise to ensure seamless connectivity. Our team has a deep understanding of local politics, business, and economic conditions, which enables us to provide unparalleled service to our clients.

What is the minimum investment for Citi Private Bank?

To be eligible for Citi Private Bank, you must meet certain financial criteria. This includes a minimum investment level of $5 million USD and a net worth requirement of $10 million USD. These requirements ensure that our clients have the financial means to take advantage of our exclusive services and personalized wealth management solutions. At Citi Private Bank, we are committed to providing our clients with the highest level of service and expertise to help them achieve their financial goals.

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