DBS Private Bank sees strong growth in family-office services

Singapore

DBS Private Bank (PB) is recording a strong response to its family-office services as the pandemic drives greater awareness of the need for wealth structuring, tax planning and philanthropic outreach.

Since it was established last year, the number of these privately held, wealth-management companies for wealthy families which the unit has helped set up has more than doubled; assets under management (AUM) has grown by 40 per cent.