DBS Private Bank has launched its DBS Multi Family Office Foundry VCC (DBS MFO), the world’s first bank-backed multi family office that leverages Singapore’s Variable Capital Company (VCC) structure.

The product offers an alternative option for affluent families to manage their wealth in Singapore without having to found their own family office.

DBS MFO offers a full range of investment services via a single integrated platform, from investment management to trade execution.

DBS utilising VCC

It works as an umbrella VCC with multiple underlying sub-funds. Clients are offered a range of customisable investment strategies and can elect to either have their fund professionally managed by DBS or by a family member/investment adviser of their choice.

Lee Woon Shiu, group head of wealth planning, family office & insurance solutions, DBS Bank, said: “The launch of DBS MFO marks yet another milestone in the evolution of our family office proposition, where our clients look to us as a trusted adviser for bespoke wealth preservation and legacy planning solutions. Our new offering has already attracted keen interest from global UHNW families and their advisers, who see tremendous value in leveraging the VCC as a unique wealth structuring solution. It is also an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here.

“As global demand for family offices continues to rise, the unique strength of the ‘Singapore Inc’ proposition – a cocktail of attributes including strong rule of law as well as political and economic stability, among others – will continue to appeal to families worldwide. And being Singapore’s leading family office practice, we are very much committed to supporting our clients in their evolving needs and help safeguard their legacy for their loved ones.”

Currently, around 20 clients and prospects across Asia are interested in the DBS MFO.

“Client interest in succession planning and wealth preservation has intensified and, in fact, we recorded a substantial increase in the number of new requests in 1Q23. This will continue to fuel the growth of our Family Office business,” added Lee.