Citi Private Bank has announced the launch of its new philanthropy advisory solutions in Asia, starting with Singapore. These solutions, led by the bank's Global Family Office Group, are designed to complement its existing wealth management and philanthropy advisory services available to ultra-high net worth clients in the United States.
The new offerings provide clients with tailored philanthropic guidance, enabling them to make a more significant impact on causes they support. Clients can establish donor-advised funds or fund donations through Citi Private Bank's charity partners, particularly as the family office landscapes in Singapore and Hong Kong continue to expand. Through this, clients gain access to bespoke governance and programmatic frameworks to help bring their philanthropic legacies to life.
Philanthropy advisory services respond to growing demand in Asia
This expansion is driven by the growing interest among ultra-high net worth individuals, especially the next generation, in making impactful philanthropic contributions. Lee Lung-Nien, Chairman of Citi Private Bank’s Asia South division, highlighted that the ongoing US$100 trillion wealth transfer is fostering a shift toward giving, with many next-generation clients focusing on issues like climate change and social inequality.
Citi Private Bank’s 2024 Family Office survey revealed that over 60% of Asia-Pacific family offices identified sharing best practices and developing mission strategies as essential support for philanthropic growth. The survey also indicated a rise in the use of external expertise, with 24% of family offices seeking external advice on philanthropy, up from 21% in 2023.
Partnerships with leading charities to drive social impact
The philanthropy advisory services are launched in collaboration with two registered charities in Singapore, the Community Foundation of Singapore (CFS) and AVPN. These partnerships will ensure clients' philanthropic efforts are effectively channeled to create lasting social impact.
