DBS Private Bank, a division of Singapore’s largest bank, DBS Group, announced on Tuesday that its bank-backed multi-family office platform has reached S$1 billion in assets under management (AUM). This milestone comes just two years after its launch, putting the platform on track to reach S$2 billion by the end of 2026. DBS Group provides a range of financial services, including wealth management, to clients across Asia and beyond. DBS’s multi-family office platform assists ultra-high-net-worth individuals and families in managing their wealth, taxes, and succession planning.
The DBS Multi Family Office Foundry VCC (DBS MFO) allows wealthy families to establish a Singapore-based investment vehicle without the complexities of building a single-family office from the ground up. DBS handles the administrative aspects, while clients retain control over their investment decisions. According to Lee Woon Shiu, DBS Private Bank’s Group Head of Wealth Planning, Family Office and Insurance Solutions, the current global economic climate is driving increased demand for the platform’s services. ‘This really heightened sense of insecurity that’s triggered by this state of flux, this state of uncertainty, this state of volatility is making clients very nervous, and that has actually fast-tracked some of these clients’ decision-making process,’ Lee told Reuters.
The S$1 billion in AUM represents entirely new assets, originating from a diverse client base spanning Europe, India, Greater China, and other parts of Asia. DBS is currently engaged in discussions with over 15 potential clients and remains confident in its ability to double the AUM to S$2 billion by the close of 2026. Clients view Singapore as a stable, transparent, and flexible jurisdiction, making it an attractive location for managing their wealth.
Launched in 2023, the DBS MFO has onboarded more than 25 families, with a minimum investment requirement of S$15 million per sub-fund. The platform leverages Singapore’s variable capital company (VCC) structure, streamlining the onboarding process to within a month, compared to the three to four months typically required for traditional single-family office setups. DBS also provides banking services to more than one-third of single-family offices established in Singapore, and its family office AUM has more than doubled over the past two years.
