Singapore's top bank DBS eyes $370 bln in wealth assets by 2026, top exec says
By Yantoultra Ngui
SINGAPORE, June 12 (Reuters) -DBS Group DBSM.SI plans to boost assets under management for its wealth business to S$500 billion ($369.7 billion) by the end of 2026, said the unit's head, as the top Singaporean bank bets on robust inflows into the city state.
Wealth assets at DBS grew 23% to a record S$365 billion last year, as Singapore benefitted from strong inflows of wealth into Asia due to its relative political stability, low taxes, and policies favourable for setting up family offices and trusts.
DBS, Southeast Asia's largest lender by assets, banks more than a third of Singapore's family offices.
"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," said DBS' Group Executive and Group Head of Consumer Banking Group and Wealth Management Shee Tse Koon.
Referring to the plan for growing the bank's wealth assets, Shee, who has worked at DBS for nearly eight years, told Reuters he was fairly confident about meeting the target, barring any "black swan" event.
DBS is also aiming to double the number of wealthy clients with assets worth at least S$1 million and above by end 2026, he said, adding the bank grew its affluent and high-net-worth clients by more than 50% over the last two years.
Global high-net-worth-individual wealth and population rose by 4.7% and 5.1%, respectively, in 2023, reversing from 2022's decline, the Capgemini Research Institute's World Wealth Report 2024 published on June 7 showed.
Risk appetite among the wealthy had also improved with cash holdings declining to 25% of portfolio totals in January 2024 from multi-decade highs of 34% the same month a year ago, the report showed.
With rising asset inflows, wealth management has become one of the main revenue drivers for banks in Singapore including for DBS, which last month posted record-beating quarterly results and said it expected net profit to exceed last year's record.
A S$3 billion money laundering scandal, which became public last year and which led authorities in the city-state to further sharpen their policing of the inflows of wealth and wealthy individuals into the country, has failed to upend the trend.
The number of family offices or one-stop firms that manage the portfolios of the wealthy in the city-state has continued to grow. They rose to around 1,400 last year from some 1,100 a year ago, according to statements from government.
Referring to the money laundering scandal, Shee said that Singapore's anti-money laundering regime has always been robust.
"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," added Shee,who was CEO of Indonesia at Standard Chartered prior to joining DBS in 2016.
($1 = 1.3523 Singapore dollars)
Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Kim Coghill
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
