DBS sees wealthy European, US clients more interested in Asia

WEALTHY clients in Europe and the US are hunting for investment and wealth management options in Asia to shield their portfolios from volatility that’s here to stay, according to DBS’ head of private bank. 

The rich from these regions are seeking to invest in businesses while some are looking for a secondary family office in Asia, said Joseph Poon at the Financial Times’ wealth management conference in Singapore.

There’s a “a much stronger sense of caution all round” given the rocky geopolitical climate, rising energy costs and increasingly interconnected capital flows, he said.

Singapore’s biggest lender has leaned on its wealth management business to bolster growth as loan margins narrow.

DBS and its local rivals drew a combined S$77 billion in net new wealth money last year from rich clients. This pull may have intensified with the outbreak of the US-Iran war this year.

The conflict has rattled global markets and prompted wealthy families across Asia to reassess where they park their money as they seek safe havens.

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Volatility is “now a feature, not a bug”, said Poon, who previously worked at UBS Group and Julius Baer. BLOOMBERG