Citi continues to stockpile private bankers as its Asia wealth franchise pushes to hit its target of adding more than $150 billion in regional assets under management by 2025.
The US bank's latest hires, Lynn Ong and Yanjun Feng, will sit within Citi Global Wealth’s family-office group, providing institutional-level support including capital markets, wealth structuring and family-office design and management services, to ultra-wealthy clients.
Ong joins from the Economic Development Board of Singapore, where she was China market head, focused on supporting fast-growing tech unicorns and family offices looking to get up shop in the Lion City.
Feng, a former analyst at LGT Capital Partners, spent four years helping to run the Hong Kong Jockey Club’s private equity arm, before joining Citi Private Bank. The club, a non-profit, holds a monopoly in local horse-race betting and is the city’s largest taxpayer.
Two things stand out here.
First, while the roles differ in scope – Ong will focus on family-office advisory, including governance and philanthropy, while Feng is involved in private-market investment opportunities and on advising family offices in greater China – they overlap and serve the same ultimate cause.
Geographically,
