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.
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.