Citi Private Bank has launched a family office
extending its focus on high net worth individuals.
The US bank, which has $200bn assets under
management (AuM), works exclusively with clients who have $25m or
more in net worth.
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Citi did not reveal what the minimum amount of
assets required to be part of the family office.
As the bank already deals with high net worth
individuals, this is seen as a more formalised effort to grow the
family office unit.
The bank did not disclose its target AuM for
the year-end.
Catherine Weir, chief executive of the bank’s
Europe, Middle East and Africa region and with more than 20 years
experience at the bank, has been promoted to head the
unit.
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By GlobalDataThe family office will offer cash
management-based products including managed investments, trusts and
advisory services – typical of what clients request.
The new unit will also offer similar services
already on offer from Citi’s Global Transactions Services, which
services institutional clients and multi national
corporations.
Citi previously had a multi-family office that
was moved when the bank merged its Smith
Barney brokerage and wealth arm with Morgan Stanley in
2009.
Unlike the new family office group, it was the
ultra-high-net-worth branch of Smith Barney composed of financial
advisers, rather than a private banking unit.
Other high profile private banks that have
branched out into family offices include HSBC, which announced a
family office launch its first half results, Credit Suisse and
UBS.
Merrill Lynch scrapped plans for a family office in March 2009,
despite being mooted prior to its acquisition by Bank of
America.
