Citigroup is expecting strong growth from its family office business in Asia, with increasing client interest in setting up in Hong Kong.
Following a strong 2022 that saw the number of clients grow 50 percent year-on-year in Asia, Citi Private Bank is expecting growth of another 25 percent in its family office business in the region, according to a «Reuters» report citing head of family office advisory Asia Faye Ong.
Hong Kong as a hub for family offices has been a noteworthy highlight with «hundreds of discussions» taking place with existing a new client at the bank, including for the consideration of registering a formal vehicle in the city, which rolled out a flurry of supportive measures in March.
«We have seen great interest from China, Hong Kong, the Philippines, India, and Indonesia in settling their family offices [in Hong Kong],» Ong said, adding there was also growing interest from Middle Eastern clients.
Singapore Hub
Rival hub Singapore is also competing to lure the ultra-rich and it revised its tax regime for family offices in July for various goals, including local job growth. According to data from the Monetary Authority of Singapore, the number of single family offices in the city-state grew from 400 in 2020 to 1,100 at the end of 2022.
«The landscape in Singapore is evolving. There is scale and Singapore is becoming more discerning about the type of family offices it wants to attract,» Ong added.
