Singapore’s DBS Group has unveiled plans to increase family office related assets under management to $10bn in the next five years.
According to a Bloomberg report, DBS family office unit aims to achieve an annual growth of 20% for the following three to five years to triple its asset strength by 2025, subject to favourable markets.
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DBS Private Bank wealth planning head Lee Woon Shiu told the publication that the business unit registered 40% year-on-year growth driven by a surge in wealthy people in Singapore.
An average account holder has around $600m worth of assets and invests around $150m in DBS family office, he further added.
Last month, local regulators estimated that there were around 200 single family offices in Singapore in 2019.
Lee was quoted by the publication as saying: “We expect to see strong growth being created in Asia with the slew of IPOs being organised and arranged in Hong Kong and China.”
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By GlobalDataIn June, DBS’ total assets under management under wealth management arm amount to S$251bn ($186bn).
Earlier this month, DBS reported a 20% drop in quarterly profit amid challenging market situations.
Net profit amounted to S$1.3bn ($951m) in the third quarter of this year, compared to $1.63bn posted in the same three-month period a year ago.
