DBS Group reportedly aims to have assets under management of S$500 billion (US$369.7 billion) in its asset management business by the end of 2026. Reuters.
This announcement was made DBS The firm has benefited from Singapore’s political stability, low tax rates and favourable policies for family offices and trusts, which have seen capital inflows into the country.
In 2023, DBS is expected to achieve a record total assets of S$365 billion, a growth of 23%. The bank services more than a third of family offices in Singapore.
See Tse Koon
According to See Tse Koon, group executive and group head of consumer banking and wealth management at DBS, the market is expected to recover as interest rates stabilise and decline, which should lead to stronger market activity.
Mr See, who has been with DBS for nearly eight years, expressed confidence that the company would achieve its 2026 target, barring any major unexpected events.
DBS also aims to double its base of high-net-worth clients with assets of more than S$1 million by the end of 2026. The bank has already increased its number of high-net-worth and high-net-worth clients by more than 50% in the past two years.
According to the Capgemini Research Institute’s World Wealth Report 2024, the world’s HNWI personal wealth and population are expected to grow by 4.7% and 5.1%, respectively, in 2023, reversing declines in 2022.
The report also noted that the risk appetite of wealthy individuals is improving, with cash holdings falling from 34% of total portfolio value to 25% in January 2024.
Wealth management is a major revenue source for Singapore banks, including DBS, which recently reported its best-ever quarterly results and forecast a net profit that will beat last year’s record.
