HONG KONG : Citigroup's Asia family office business expects a 25 per cent increase in clients this year, the U.S. bank's regional head of its family office advisory business said, as Singapore and Hong Kong vie to attract more wealth.
Global banks have been beefing up family office arms in Asia, as demand continues to surge among rich Asians wanting to set up private investment vehicles and plan for business succession. Hong Kong in March announced a series of measures to attract family offices to set up in the financial hub as authorities attempt to restore business confidence and investor allure after three years of severe COVID-19 rules.
"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 said.
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