Citi has hired a global equities client management head, days after the firm predicted that family offices would triple in quantity over the next decade.

Andrea Fletcher, who is currently based in Hong Kong, will continue her role as head of client management for equities in Asia-Pacific and take on the newly-created position, alongside heads of equities and equity sales, the firm said in a statement.  

Fletcher will report to David Covin, global head of investor sales client strategy and business development, and David Ratliff, head of investor sales for Asia-Pacific.

Citi recently predicted that family office numbers are expected to mount from 500 to 1,500 within the next decade. Because of the size of their wealth, family offices frequently operate like mini-institutions and many require capital markets expertise, either for investment opportunities or to list family enterprises on stock markets. 

Asia-Pacific generates $1.4 billion for Citi, accounting for almost 40 per cent of global profit during the third quarter of 2011.