DBS Group (DBSM.SI), whose assets have grown in the past two years, focuses more on family offices.
Southeast Asia’s largest bank by assets is launching a new investment platform for family offices and one-stop wealth managers.
Ultra-high net-worth families and funds seeking shelter from global banking crises and geopolitical and economic unpredictability are setting up family offices in the city-state.
DBS said it is negotiating the new investment solution with more than 20 Asian clients and prospects.
“It is also an attractive option for some families who are not looking to relocate to Singapore immediately but would like to consolidate their assets here,” said Lee Woon Shiu, DBS’ Group Head of Wealth Planning, Family Office, and Insurance Solutions.
DBS provides banking services to more than one-third of Singapore’s 700 single-family offices, and its family office assets under management (AUM) have more than doubled in the previous two years, it noted. A representative declined to discuss the AUM.
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