Bank of Singapore, the private banking arm of OCBC Bank, has unveiled plans to expand its family office business.
Bank of Singapore CEO Bahren Shaari told that the company aims to bolster its investment product portfolio and foray outside the region to expand its growing family office business.
The move comes after Bank of Singapore reported a 20% increase in assets of its family office business unit in the year to March.
Shaari was quoted by Reuters as saying: “There is wealth transfer happening between the first generation to the next generation. Managing money in the past was a part-time business, now it’s a full-time business.
“There is a big interest in private markets. We make sure we have a complete offering on hedge funds, private equity, direct investments and real estate. That has grown quite a fair bit over the last one year.”
The company is also planning to establish a local base in China to better manage the business. Notably, earlier this year Bank of Singapore appointed Joanna Ho from HSBC Private Banking as the head of wealth planning for its Greater China and North Asia operations.
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As a private bank, Bank of Singapore offers asset creation, credit solutions, wealth planning and digital services among others.
It also offers its clients access to OCBC Bank’s investment and commercial banking solutions.