Best Private Bank Family Offices
DBS Private Bank
Best Private Bank – Family Offices
Lee Woon Shiu
group head, wealth planning, family office & insurance solutions
“We are delighted to receive the Best Private Bank – Family Offices award. As Singapore’s leading family office practice, we strive to deliver innovative solutions to help our clients navigate the complexities of the VUCA world. From launching the world’s first bank-backed multi-family office VCC, to customised family office structures for resident Indian leveraging overseas direct investment programmes, to using donor-advised funds and tax incentives to amplify philanthropic impact, we are committed to partnering our clients throughout their wealth journey. Since 2019, our annual family office publication has provided insights on trends affecting our family office clients, including in the areas of succession planning, risk management and family governance.”
What was behind the judges’ decision?
- DBS has achieved significant growth in family office assets, with a remarkable increase in both the number of family offices and assets under management over the years, cementing its position as a market leader in this space. The bank currently serves over one-third of single-family offices in Singapore, and its proactive approach to evolving regulations has allowed it to lead the market in offering tailored family office solutions.
- In June 2023, DBS launched the first bank-backed multi-family office using the VCC structure, providing ultra high net worth families with a plug-and-play solution to consolidate their assets in Singapore while effectively managing risk and diversifying their investment portfolios. This innovative offering caters to families looking for a secure, comprehensive platform to manage their wealth in the wake of global financial uncertainties.
- DBS has further solidified its position as a global leader by expanding its family office services across key markets in ASEAN, as well as India, Greater China, and the Middle East. By offering tailored solutions focused on diversification, succession, stability, and cross-border wealth management, the bank has driven remarkable growth, with a huge increase in revenue.
What we said…
“DBS has proven itself as the leading private bank for family offices, particularly in Singapore, where it serves over one-third of the nation’s single-family offices. Its proactive approach to anticipating regulatory changes and aligning services with evolving family office needs has positioned the bank at the forefront of this segment,” said Audrey Raj, senior consultant, South Asia editor of Asian Private Banker.
“The bank’s innovative solutions, such as the world’s first bank-backed multi-family office using the VCC structure, highlight its forward-thinking approach to wealth planning. Moreover, DBS’s success is reflected in the significant increase in both the number of family offices and assets under management, as well as a growing global presence across key corridors like India, Greater China, and the Middle East.
“The bank has also demonstrated a commitment to philanthropic initiatives, facilitating the deployment of millions in charitable funds and further solidifying its leadership in the family office sector. For these reasons, the Singapore private bank has earned the title of Best Private Bank – Family Offices. A big kudos to the team.”
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