Citi has hired a private banking veteran with extensive experience in Asia to lead its global family office segment.
Citi Private Bank appointed Hannes Hofmann as the global head of the family office group, according to an internal memo seen by finews.asia, effective September.
Based in London, Hofmann reports to Citi’s global head of private banking Ida Liu. He succeeds James Holder who will remain with the bank and take on the new role of cluster head for Europe.
Hannes has over 20 years of experience and was last with J.P. Morgan where he had extensive private banking experience in Asia. He was most recently its head multi-family office and intermediaries for the Asia, EMEA, and Latin America regions. Previously, he was also the rival American private bank’s head of global investment opportunities group in Asia where he led teams in Singapore and Hong Kong to advise trading-oriented clients in the region.
CGW Era
Hannes joins a private bank that saw a reorganization in early 2021 which merged the wealth management teams within Citi’s consumer and institutional division into a single unit – Citi Global Wealth (CGW). This was expected to not only enable greater access to products and services for all client segments but also greater leveraging of other resources, such as technology.
«Under our new structure, we can maximize and leverage our capabilities across different areas including technology, apps, products, services and more,» Liu said in a conversation with finews.asia last year. «More clients will be able to leverage a powerful platform that can more holistically service their needs across the wealth spectrum.»
Citi Private Bank currently covers more than 1,500 family offices globally with an average net worth of $1.7 billion, according to its statement, including a quarter of the world’s billionaires.
