Citi expects to see its family office clients grow by 25% this year

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

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Aug 08, 2023

1 year ago

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.

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.