DBS targeting to grow wealth management assets to S$500 billion within next 2 years

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SINGAPORE: DBS Group has set an ambitious goal to increase its wealth management assets to S$500 billion (US$369.7 billion) by the end of 2026, reflecting its confidence in ongoing strong capital inflows, according to its Executive and Group Head of Consumer Banking Group and Wealth Management, Shee Tse Koon.

The bank, Singapore’s biggest bank and Southeast Asia’s largest by assets, reported a 23% increase in its wealth assets last year, reaching a record S$365 billion.

This growth is attributed to Singapore’s appeal as a financial hub due to its political stability, favorable tax regime, and supportive policies for establishing family offices and trusts. The nation has seen significant wealth inflows, bolstering its status as a safe haven in Asia.

DBS’s confidence in reaching its new target is underpinned by the bank’s current strong performance and Shee’s optimistic outlook for market recovery.

“I’m still growing … the market is actually kind of at the cusp of a recovery because rates are peaking so as rates come down, markets pick up,” Shee told CNA, expressing optimism barring any unforeseen “black swan” events.

Shee, who has been with DBS since 2016, also disclosed that DBS aims to double its client base of individuals holding at least S$1 million in assets by 2026.

Over the past two years, the bank has already expanded its affluent and high-net-worth clientele by over 50%. Wealth management has become a key revenue stream for DBS, contributing significantly to its financial performance. The bank reported record quarterly results last month and projected that its net profit for the year would surpass the previous year’s record.

Despite last year’s S$3 billion money laundering scandal, which led to stricter enforcement measures by Singaporean authorities, the influx of wealth into the country has remained strong. The number of family offices, which provide comprehensive portfolio management for the wealthy, has continued to rise, growing to approximately 1,400 in 2023 from around 1,100 the year before.

Addressing the impact of the scandal, Shee affirmed the robustness of Singapore’s anti-money laundering framework. “However, criminals will adapt their behavior, so we have to evolve with the new typologies of these criminals in order to be one step ahead of them,” he told

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