Citi Private Bank unveiled new philanthropy advisory solutions in Asia

Services include donor-advised funds or funding donations through charity partners.

Citi Private Bank has unveiled new philanthropy advisory solutions in Asia, beginning in Singapore.

Led by the bank’s Global Family Office Group, the solutions are expected to complement existing wealth management and philanthropy advisory products and services already available to ultra-high net worth clients in the US.

Amongst its services include establishing donor-advised funds or by funding donations through its charity partners.

Clients can continue to fund donations directly to causes and have access to Citi Private Bank's philanthropic advisory, which offers bespoke philanthropic guidance, coupled with governance and programmatic frameworks.

Citi observed a growing interest amongst ultra-high net worth clients in making a strong philanthropic impact, particularly amongst the next generation.

"A US$100 trillion inter-generation wealth transfer is occurring, and the next generation often has distinct values and philanthropic priorities such as climate change and social inequality," said Lee Lung-Nien, Asia South Chairman, Citi Private Bank.

Asia Pacific family offices are also increasingly seeking external expertise on philanthropy, Citi said.

Citi Private Bank's annual 2024 survey showed that 24% of Asia Pacific family offices provided services on philanthropy using internal and external expertise, up from 21% in 2023, and 15% of them relied on external expertise to provide these services, compared with 9% in 2023.

The new philanthropy solutions are launched in partnership with the Community Foundation of Singapore (CFS) and AVPN.

Citi Private Bank's Global Family Office Group will facilitate connections between clients and the respective charities to align on potential causes and meaningful programs for philanthropic giving and donations.