Singapore bank DBS deepens focus on booming family office business

SINGAPORE (Reuters) – Singapore lender DBS Group (OTC:) is stepping up its focus on the business of family offices, where its assets have surged in the last two years.

Southeast Asia’s largest bank by assets is introducing a new investment platform tailored towards the needs of family offices, which are one-stop firms that manage the portfolios of the wealthy.

There has been growing interest from ultra-high networth families globally to set up family offices in the city-state, and from funds seeking a safe haven from turmoil in the global banking system and uncertainty over the world economy and geopolitics.

DBS said in a statement it is currently in talks with more than 20 clients and prospective clients across Asia to provide the new investment solution.

“It 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,” 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 the 700 single family offices established in Singapore, and its family office assets under management (AUM) has more than doubled in the last two years, it added. A spokesperson declined to provide details of the AUM.