Unrest in Europe sparks interest in Singapore as a family office hub, says DBS executive

[SINGAPORE] The ongoing unrest in France has prompted enquiries from established family offices in Europe, which are keen to begin deploying capital to Singapore to mitigate geopolitical risk.

Lee Woon Shiu, DBS’ group head of wealth planning, family office and insurance solutions, said Singapore is emerging as a credible “Plan B” for European families which have been traditionally inward looking.

Beyond France, protestors have also marched elsewhere in Europe in October; unrest has broken out in Lisbon and Madrid, for instance, over the rising cost of living, among other issues.

The Business Times understands that DBS has fielded a handful of enquiries in recent weeks from large European family offices.

Lee said: “Some say there is a lot more they need to do. They tell us: ‘Let’s see what you can offer’.

“Conversations are happening for the first time because of a significant paradigm shift in how the world is evolving. The increasing polarisation of the world economy is forcing people to relook at the stability of their funds. They want a secure and safe Plan B.

“Their (desire) to land in an intentionally neutral place is giving us access to some of these biggest families in the world.”

Interest in Singapore as a wealth hub has been building for some years. Recent events such as the annual Formula One race have helped to spotlight Singapore’s strengths; conferences organised at around the F1 race weekend in October were attended by top global finance executives and investors.

These events included the Asia Summit 2026 by Milken Institute and the Forbes Global CEO Conference, at which DBS Bank chief executive Tan Su Shan was a speaker. DBS also hosted its maiden DBS Asia Future Forward Conference on Oct 12, a day after the race weekend.

Lee said geopolitical events are “adding pace to this embrace of Singapore” by some large families in the West. “They have never come to us before.”

The DBS Multi Family Office Foundry VCC (DBS MFO), described as the world’s first bank-backed multi-family office, is expected to benefit from the surge in interest. DBS MFO, which leverages the variable capital company (VCC) structure, began in 2023; in 2025, its assets under management (AUM) hit S$1 billion.

Lee said the MFO VCC is “on track” to hit S$2 billion in AUM by end-2026. The VCC structure offers tax efficiency and the facility to segregate funds for different purposes.

In the last year, DBS Private Bank has seen double-digit growth in enquiries and demand from US and European families keen to set up a family office in Singapore, he said.

They range from first-generation wealth creators linked to the boom in investments into artificial intelligence to European families whose businesses and wealth have lasted three to four generations. “Many want an additional base from which to manage their wealth, build relationships and participate in Asia’s growth.”

Some families are looking into satellite offices while retaining their existing headquarters. In addition to diversification, the families also seek commercial opportunities in areas such as AI, healthcare and education, said Lee.