Citi and HSBC launch family offices to tap high-end private banking in Asia

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Citi and HSBC have become the latest two banks to set up family office operations to tap the high-end private wealth management business in the Asia-Pacific region. The move comes less than two months after the top two Swiss private banks, UBS and Credit Suisse, launched divisions catering to the region’s family office businesses.

Citi Private Bank Asia Pacific has promoted Richard Straus to lead its newly-established global family office in Hong Kong. Straus will also head its institutional

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