Saturday, September 6, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Lifestyle

Next generation of ultra-rich to spur take-up of donor-advised funds: Citi

by Mark Darwin
in Lifestyle
Next generation of ultra-rich to spur take-up of donor-advised funds: Citi
Share on FacebookShare on Twitter


[SINGAPORE] The next generation of ultra-high-net-worth (UHNW) individuals will likely boost the uptake of donor-advised funds (DAFs) to meet their philanthropic needs.

Karen Kardos, head of philanthropic advisory at Citi Private Bank, noted that younger family members may not always have the same interests as their parents or grandparents.

This is where DAFs can be a tool for them to begin making an impact in their own passions and interests.

“The younger generation is going to probably embrace more of that sort of outsourced solutions as they start to dip their toes in the water,” Kardos said.

In March, the private banking arm of Citi launched new philanthropy advisory solutions in Asia, beginning with Singapore, amid rising client demand for such services.

These new offerings let Citi’s UHNW clients establish DAFs or fund donations through its charity partners – the Community Foundation of Singapore (CFS) and AVPN – on top of the bank’s existing wealth management and philanthropy advisory products and services.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

DAFs are fund accounts opened by individuals or organisations for charitable donations, and they are managed by a sponsor, such as CFS or AVPN.

According to AVPN’s philanthropy handbook, DAFs give donors more active oversight in how their funds are used, compared to charitable donations to an established organisation.

Speaking at a media roundtable on Wednesday (Apr 2), Kardos noted that DAFs are already popular in the US, with over US$250 billion in assets, and are increasingly popular in Europe.

In Asia, these funds are also seeing a demand uptick, likely because they are simple to use, and provide features such as legacy and succession planning, and anonymity.

These funds are especially popular among family offices who may not have expertise in philanthropy, she said.

“(The DAF) almost acts as the outsourced team that has the programmatic experience to implement the founders’ vision,” Kardos said.

While UHNW individuals nowadays typically give donations on an ad hoc basis, DAFs allows clients to be more strategic and forward-looking with their giving, she added.

When asked about the difference between Citi’s US and Asian clients, Kardos noted little differences in their philanthropy habits, although she noted that it was more common in the US for younger generations to “hit the ground running”.

“Younger people in the US are sort of taking the bull by the horns, and starting organisations or beginning to engage more in the non-profit sector – but I think that’s coming to Asia as well,” she said.

People remain generous worldwide, Kardos said.

Lee Lung Nien, Asia South chairman of Citi Private Bank, added that Singapore “is perfect in terms of infrastructure” to support philanthropic efforts by individuals, with its rule of law, policies, governance, guardrails and government support.

For Citi, it is likely too soon to gauge demand for the DAFs among its clients, given that the bank just launched the offering in Asia, said Patricia Lee, director at Citi Private Bank.

But she noted “a lot of inbound inquiries”, even though she expects the need for more education, given that DAFs are not a mature concept in Asia.

Lee, the Asia South chairman, added: “There is a lot of back and forth (with clients) and education.”

“I can’t give you a number now, but I think we will be surprised on the upside.”

Tags: CitidonoradvisedfundsGenerationspurtakeupultrarich
Mark Darwin

Mark Darwin

Next Post
Brad Pitt to Star in New Once Upon a Time in Hollywood Movie  – E! Online

Brad Pitt to Star in New Once Upon a Time in Hollywood Movie  - E! Online

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In