Citi Private Bank
Winning the Asian Private Banker – Best Private Bank – Family Advisory & Trust Services Award for its proven ability to deal with cross-border issues, Citi Trust has demonstrated its ability to meet the demanding requirements of wealthy families with consistent growth in assets under management. Industry feedback gathered during the course of the judging process was indicative of the bank’s expertise in dealing with the specific cross-border issues affecting Asian clients with “deemed” US tax obligations. Citi Trust offers estate-planning strategies, fiduciary and investment management services, and an open investment platform that provides access to top-tier third-party investment managers and maintains trust centers in strategic locations including the Bahamas, Jersey, Singapore, Switzerland and the US. 350 professionals globally bring together expertise from legal, accounting and insurance backgrounds to service Citi Trust clients, of which 25 dedicated team members are in Asia. Citi Trust Company in Singapore, which was established in the Year 2000 and is regulated by the Monetary Authority of Singapore, was initially meant to service Asian clients but now it serves global clients from Singapore.
Michael Troth, managing director and regional head of Citi Trust in Asia Pacific, says, “We have had a trust company in Asia for over 50 years and are one of the pioneers in the region. We have 25 dedicated trust services professionals in Asia and the trusts business is an integral part of our service offering. Increased cross-border activity is making trust services increasingly important,” he says and this makes him confident about the industry’s future in the region. “Growth prospects for the trust industry in Asia remain strong. Wealth creation continues apace and that wealth needs investing, enhancing and protecting. The wealth management industry and the trust business in particular, will be a major beneficiary of that. Citi is ideally placed to service this growth with its strong local presence, which when coupled with its globalism, ensures that our clients receive best in class advice and execution,” he explains.