Asia’s best for family-office services: DBS
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Asia’s best for family-office services: DBS

With Singapore's ascent to a prominent hub for family offices in Asia, DBS has made quick work of establishing itself as a leading player in the region.

DBS today banks one in three family offices in the city-state, with assets under management doubling over the past two years. This boost, partly a windfall from the substantial global capital retreat from China, has also been driven by a diversified client base from Europe, the US and the Middle East. This has contributed to a 42% year-on-year increase in family-office account openings and a 27% rise in AuM despite a tepid global economic climate.

The bank is committed to innovation, continually adapting to meet the ever-changing needs of its clients. Through the DBS Foundry platform – an initiative launched last year to drive innovation in services and products – DBS has capitalized on Singapore’s Variable Capital Company (VCC) legal structure to launch the first-ever multi-family office VCC. This isn't just about tax benefits, it is part of DBS's broader strategy of delivering services that transcend private banking.

The goal is to fulfil all the financial needs of business-owning families, as the VCC can also be leveraged for a corporate’s investment and treasury activities.

The bank explains: “A meaningful discussion with clients cannot happen in isolation from their private-banking assets. Our proposition today is always about an inclusive and integrated discussion, touching on the client's private-banking needs, corporate needs, and even treasury needs.”

DBS banks one in three family offices in Singapore, with assets under management doubling over the past two years

DBS's approach to family-office services underscores a broader industry trend: the shift towards providing comprehensive, integrated solutions that encompass not only wealth management but also corporate finance, succession planning and other corporate banking disciplines.

This shift indicates a maturing market where family offices are not isolated entities but part of a larger business ecosystem.

In contrast to the downsizing trend observed among financial institutions in Asia, DBS continues to add expertise to its private-banking team. It expanded its advisory team by 5% in 2022 alone. The bank has also devoted more than 5,000 hours to training programmes to meet the complex needs of clients.

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