Due to the surge in family offices in Asia, as well as friendly regulatory measures adopted in Hong Kong and Singapore, banks in the region are building out their family office arms in the expectation of more clients.
Citigroup’s Asia family office business expects a 25% increase in clients this year, Faye Ong, its regional head of family office advisory business, told Reuters. In 2022, Citigroup saw the number of clients grow by 50% from the preceding year.
Back in 2020, the bank beefed up its family office business by combining advisory, family governance, legacy planning, philanthropy, investment and deal-making services for ultra-wealthy clients.
"We have seen great interest from China, Hong Kong, the Philippines, India and Indonesia in settling their family offices here [Hong Kong]," Ong said, adding that interest from Middle Eastern clients was also growing.
This year, Hong Kong outlined several measures to attract family offices, and the number of single-family offices in Singapore surged from 400 in 2020 to 1,100 at the end of last year.