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WEALTH

Wealth management: Citi’s Asia family office ambitions take shape with new hires

By hiring two private bankers from outside the industry to power its Asia family-office business, Citi offers further proof that its peers should take its ambitious regional wealth management plans seriously.

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Citi dominating the skyline in Singapore. Photo: Reuters

Citi continues to stockpile private bankers as its Asia wealth franchise pushes to hit its target of adding more than $150 billion in regional assets under management by 2025.

The US bank's latest hires, Lynn Ong and Yanjun Feng, will sit within Citi Global Wealth’s family-office group, providing institutional-level support including capital markets, wealth structuring and family-office design and management services, to ultra-wealthy clients.

Ong joins from the Economic Development Board of Singapore, where she was China market head, focused on supporting fast-growing tech unicorns and family offices looking to get up shop in the Lion City.

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Lynn Ong, Citi

Feng, a former analyst at LGT Capital Partners, spent four years helping to run the Hong Kong Jockey Club’s private equity arm, before joining Citi Private Bank. The club, a non-profit, holds a monopoly in local horse-race betting and is the city’s largest taxpayer.

Two things stand out here.

First, while the roles differ in scope – Ong will focus on family-office advisory, including governance and philanthropy, while Feng is involved in private-market investment opportunities and on advising family offices in greater China – they overlap and serve the same ultimate cause.

Geographically,


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