Citi Private Bank launches philanthropy advisory in Singapore
Citi Private Bank has launched philanthropy advisory solutions in Singapore, with plans to expand across Asia.
The initiative, led by the bank’s Global Family Office Group, aligns with existing wealth management and philanthropy advisory services already available to ultra high net worth (UHNW) clients in the US.
The family office landscape in Singapore and Hong Kong continues to evolve with new government initiatives and intergenerational wealth transfer. According to Citi Private Bank’s 2024 annual Family Office survey, the most significant support needed to enhance family office philanthropy expertise includes best practices and mission-driven strategic development.
Over 60% of Asia Pacific (Apac) family offices identified these areas as the most valuable resources for their philanthropic endeavours. The survey also revealed a rising demand for external expertise, with 24% of Apac family offices integrating internal and external resources for philanthropy in 2024, up from 21% in 2023.
Additionally, 15% of family offices now rely exclusively on external expertise, compared with 9% in the previous year.
Citi’s latest offering will aim to enhance clients’ ability to make a meaningful impact on causes they care about.
Through these services, clients can establish donor-advised funds (DAFs) - a charitable investment account to manage donations - or fund donations via Citi’s charity partners, while also benefiting from direct philanthropic advisory services.
The new philanthropy solutions in Singapore are launched in collaboration with two registered charities, the Community Foundation of Singapore (CFS) and venture philanthropy network AVPN. The bank will facilitate connections between clients and these organisations, helping them align with relevant causes and impactful programmes.
“A $100 trillion intergenerational wealth transfer is occurring, and the next generation often has distinct values and philanthropic priorities such as climate change and social inequality,” Lee Lung-Nien, Asia South chairman at Citi Private Bank, said in a statement.
“Our new offering caters to a growing trend of clients who want a more structured and customised approach to giving and draws from Citi Private Bank’s expertise in providing similar services elsewhere.”
Clients will have access to bespoke philanthropic guidance, governance frameworks and programmatic structures designed to bring their legacies and missions to life.