Citi Boosts Wealth Ambitions With Family Office Hire
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The wealth planning specialist catering to ultra high net-worth individuals began her career 16 years ago as a wealth management associate at Citi.
Faye Ong, previously head wealth planning for South Asia at Union Bancaire Privee, has rejoined the bank as head of the family office advisory, private capital group, according to a LinkedIn post on Wednesday.
Citi has been investing in growing its offerings for family offices, which have proliferated in Singapore in recent years, that reported the news, noted.
A bank spokesperson confirmed the hire.
Citi has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.
Citi has previously stated its intentions to double its wealth management market share in Singapore from the current 5 percent, and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.
Questions & Answers
Q.What is Faye Ong's new role at Citi, and what was her previous position?
What is Faye Ong's new role at Citi, and what was her previous position?
Faye Ong has rejoined Citi as head of the family office advisory, private capital group. Previously, she served as head wealth planning for South Asia at Union Bancaire Privee, bringing experience from her career which began at Citi 16 years ago.
Q.Which specific wealth hubs is Citi focusing on as part of its global consolidation?
Which specific wealth hubs is Citi focusing on as part of its global consolidation?
Citi has placed its strategic bets on four specific wealth hubs as it consolidates its global operations. Singapore is explicitly mentioned as one of these crucial wealth hubs where the bank aims to expand its presence and services for wealthy clients.
Q.What are Citi's stated goals for its wealth management division in Singapore by 2025?
What are Citi's stated goals for its wealth management division in Singapore by 2025?
By 2025, Citi intends to significantly increase its wealth management presence in Singapore. The bank has stated aims to double its market share from the current 5 percent and concurrently triple the number of clients it serves in the region.
Q.How does Citi plan to achieve its growth targets for wealth management in Singapore?
How does Citi plan to achieve its growth targets for wealth management in Singapore?
To achieve its ambitious growth targets, Citi plans to expand its workforce in Singapore. The bank is looking to hire over 330 relationship managers, indicating a substantial investment in personnel to support its increased market share and client base goals.
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