The new platform is “an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here,” said DBS Group Head
SINGAPORE: The biggest bank in South East Asia, DBS, is launching a new investment platform specifically for family offices, which is private wealth management that caters to ultra-high-net-worth individuals — people who have $1 million or more in liquid financial assets.
At present, the bank provides services to over one-third of the country’s single-family offices. Within the last two years, DBS’ family office assets under management have more than doubled, Reuters quotes the bank as saying. Amid turmoil and unrest around the globe, which has also affected banking systems, more ultra-rich families have been looking to set up family offices in Singapore, which is largely seen to be aMr Lee Woon Shiu, DBS Group Head of Wealth Planning, Family Office and Insurance Solutions, said the new platform is also “an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here.
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