Seam­less Bank­ing for a Fam­ily’s Needs

Citi Pri­vate Bank presents the smartest wealth man­age­ment ser­vices to next gen­er­a­tion re­cip­i­ents of fam­ily wealth through its in­te­grated model

Hong Kong Tatler - - Tatler Focus | Citi Private Bank -

The func­tions and re­spon­si­bil­i­ties of a pri­vate bank in Asia are in­creas­ingly com­plex. It is ex­pected to help its rich clients make high re­turns on their cap­i­tal yet en­sure that their wealth is pre­served. Man­ag­ing risk ef­fec­tively is there­fore crit­i­cal, not least be­cause many fam­i­lies in the re­gion are now fo­cus­ing on trans­fer­ring wealth to suc­ceed­ing gen­er­a­tions.

Citi Pri­vate Bank recog­nises this im­por­tant duty, which it is able to ful­fil be­cause of its ex­ten­sive pro­fes­sional ex­per­tise, ser­vice and prod­uct ac­cess and its vast bal­ance sheet.

“Man­ag­ing fam­ily wealth dur­ing the han­dover from one gen­er­a­tion to the next has al­ways been a cor­ner­stone of our busi­ness. I’ve seen that in the past three to four years, de­ci­sion–mak­ing is be­ing passed to the sec­ond and third gen­er­a­tions,” says Steven Lo, Citi Pri­vate Bank man­ag­ing direc­tor, global mar­ket manager, Hong Kong.

In­ter­gen­er­a­tional change is a familiar theme around the world but is per­haps no more acute than in Asia, where fam­ily-based busi­ness cul­tures are hav­ing to meet the chal­lenge from the ad­vanc­ing age of a pi­o­neer­ing tranche of busi­ness lead­ers, and the rise to ma­tu­rity of their sons and daugh­ters.

“The newer gen­er­a­tion still wants to make money but their risk ap­petite and the way they ap­proach in­vest­ing is dif­fer­ent. The older gen­er­a­tion will gen­er­ally take any trad­ing op­por­tu­nity for im­me­di­ate gain ir­re­spec­tive of how it fits within an over­all port­fo­lio,” says Lo.

Lo sug­gests that ed­u­ca­tion can help nav­i­gate through th­ese ma­jor turn­ing points in the man­age­ment of fam­ily fi­nances. In­deed, Citi was the first pri­vate bank to launch “Next Gen­er­a­tion” pro­grammes to guide the new re­cip­i­ents of fam­ily wealth, teach­ing them about mod­ern as­set man­age­ment tech­niques.

The con­cept has since been adopted by other banks, but Citi Pri­vate Bank re­mains fo­cused on of­fer­ing the smartest and most com­pre­hen­sive wealth man­age­ment ser­vices to its clients.

It will launch a round of new ini­tia­tives later this year, in­clud­ing bring­ing to­gether high net worth in­di­vid­u­als (HNWIS) from around the world to dis­cuss mod­ern wealth man­age­ment and busi­ness trends. The meet­ing will take place at an elite ed­u­ca­tional fa­cil­ity and in­cor­po­rate the lat­est re­search.

“Nowa­days peo­ple are a lot more so­phis­ti­cated and they are run­ning busi­nesses more an­a­lyt­i­cally. This is where the big or­gan­i­sa­tions are mov­ing and the Asian scene is chang­ing,” says Lo. Sim­i­larly, per­sonal wealth man­age­ment has be­come a more rig­or­ous process.

Citi Pri­vate Bank’s mission is to be the trusted ad­viser for tar­geted HNWIS in Asia and through­out the world, and hence to be their clients’ first call. They have a min­i­mum of US$10 mil­lion of in­vestible as­sets and most have at least US$25 mil­lion.

“How­ever, it is es­sen­tial that port­fo­lios should be se­lected and man­aged from a broad per­spec­tive, rather than com­piled and as­sessed in a frag­men­tary fash­ion. The fo­cus should not be on each prod­uct in iso­la­tion, but on the al­lo­ca­tion mix, and this phi­los­o­phy is pro­moted by us and sup­ported by our clients,” says Roger Ba­con, man­ag­ing direc­tor, head of man­aged in­vest­ments, Asia Pa­cific at Citi Pri­vate Bank.

Ba­con’s ex­pe­ri­ence makes him ide­ally suited for his role at Citi Pri­vate Bank, where he has worked for the past five years. His ca­reer cov­ers spells at a fam­ily of­fice, as a port­fo­lio manager at a Swiss pri­vate bank and a port­fo­lio manager as well as a prod­uct spe­cial­ist for off­shore in­vest­ments at a Bri­tish mer­chant bank and US bank.

Hong Kong is an ideal North Asia hub for Citi’s pri­vate bank­ing ac­tiv­i­ties, he notes. It has first class lo­gis­tics, a le­gacy of fi­nan­cial mar­ket ex­per­tise, a su­pe­rior pool of tal­ent and reg­u­la­tors that are flex­i­ble and keen to en­gage with mar­ket par­tic­i­pants.

In this sup­port­ive en­vi­ron­ment, Citi is able to pro­vide its clients’ per­sonal wealth and their busi­nesses with a ser­vice that in­te­grates the full re­sources of its com­mer­cial and in­vest­ment bank­ing op­er­a­tions as well as its wealth man­age­ment ex­per­tise.

If ed­u­ca­tion is the heart of Citi Pri­vate Bank’s of­fer­ing, the cor­po­ra­tion’s to­tal suite of bank­ing ser­vices is its brain. “We of­fer our clients seam­less

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