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.
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.
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.