Citi hires new head of family office advisory in Singapore
CITI has appointed a new head of family office advisory in Singapore as the bank gears up to capture more wealth flows in the region.
In a LinkedIn update on Wednesday evening, Faye Ong, who used to head wealth planning for South Asia at Union Bancaire Privee (UBP), announced that she has rejoined Citi to head the family office advisory unit in Singapore.
"With over 400 SFOs (single family offices) set up in recent years, this is indeed an exciting trajectory for Singapore, which has developed a robust ecosystem in serving global clients and their family-office needs. I look forward to contributing Citi's views in this fast-developing space," she said in her post.
She had started her private banking career in Citi 16 years ago as a wealth management associate. "I am grateful for this opportunity. For me it is like a homecoming," she noted.
Citi told The Business Times that Ms Ong has particular expertise and experience in servicing ultra high net-worth Individuals and family offices across Asia Pacific and the Middle East for their wealth planning needs.
At UBP, Ms Ong was also the bank's senior family office adviser in Singapore as part of the Family Office Services Switzerland headquartered out of Zurich. In her prior role, she had set up Singapore family offices for clients in Asia Pacific.
Citi has seen increasing wealth flows from North Asia and the US, with more family offices being set up in Singapore since 2018, Lee Lung-Nien, chairman of Citi Private Bank for South Asia, told BT in April.
He had said family offices would be an area of growth, with the bank pumping in resources to position itself to ride this wave.
Singapore is one of the four wealth hubs left for Citi, which exited from 13 retail markets in April. It looks to hire up to 1,500 staff for its consumer wealth businesses in Singapore to support plans to triple its assets under management by 2025.
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