Exclusive | Hong Kong’s family office hub ambitions spawn private banking opportunities: Citigroup
- Half of the Asia-Pacific family offices served by Citigroup will face a succession event in the next five years
- Family offices in Hong Kong, Asia are relatively younger compared to those in Europe and US, seek ‘more education on succession and wealth planning’: Citigroup
China’s ultra rich are flocking to Hong Kong as it reaffirms its position as a wealth management and family office hub for Asia, offering significant private banking opportunities, according to top executives at Citigroup.
Half of the family offices served by the banking giant are going to face a succession event in the next five years, according to Alex Monnier, the global head of family office advisory at Citi Private Bank.
“Hong Kong and broader Asia family offices are relatively younger compared to those in Europe and US and thus seek more education on succession and wealth planning,” he said in an interview with the Post.
Jane Fraser, in one of her first remarks as CEO of Citigroup, spoke about the bank’s plans to refocus its efforts on wealth management outside the US across four strategic hubs in Singapore, UAE, Hong Kong, and London.
Citi Private Bank’s global family office group serves around 1,800 clients with an average net worth of US$2.1 billion. It estimates US$100 trillion of wealth creation will take place across the world over the next 10 years, with the highest rate of growth in Asia.
