Citi Private Bank sees strong growth in family office business in Asia

THE world may be on the brink of recession amid high inflation, but Citi’s wealth management business in Singapore shows no sign of slowing – particularly in the family office segment.

Citi Private Bank is rolling out its full arsenal of services for family office clients, where the Asia client base has grown by an estimated 40 per cent in the past two years.

Ida Liu, global head of Citi Private Bank, said that the bank has around 1,600 family office clients globally with an average net worth of close to US$2 billion. Asia’s share of that client base is around 25 per cent.