In a year that has seen Asia's financial institutions face mounting pressures from geopolitical headwinds, DBS retains its mantle as Asia’s best private bank 2024. This award comes in tandem with two other regional honours: best for family office services and best for high net-worth (HNW) individuals. Its managing director and group head is Joseph Poon.
Navigating through market volatility, DBS's total income from wealth management in 2023 soared by nearly 30%, building on the 20% growth it achieved in 2022.
The inflow of net new money continued its upward trajectory, extending the record-setting pace with a compound annual growth rate of 57% from 2019 to 2022. This growth is partly fuelled by clients reallocating wealth from mainland China and Hong Kong to Singapore.
The surge underscores the bank's position as a powerhouse in regional private banking, with international clients representing 76% of that growth over the past two years.
At the heart of DBS's success is its integrated One Bank strategy that unites commercial, institutional, and investment banking. It is an approach that has been particularly beneficial for the two-thirds of clients who are entrepreneurs, allowing them to leverage DBS’s network for both their business and personal wealth growth.
DBS’s harmonized approach is built on its commercial banking franchise, a strong balance sheet and stringent risk controls. The private bank addresses the complex interplay between commercial and personal finance, including driving cross-investments in sectors such as aviation and airport services, as well as supporting diversification into manufacturing for high-profile entrepreneurs.
DBS’s technological investments have transformed client engagement, with the DBS app becoming the go-to for nine out of 10 wealth clients. The bank’s deployment of AI and data analytics has sparked a 30% jump in wealth-planning solutions adoption.
DBS's total income from wealth management in 2023 soared by nearly 30%, building on the 20% growth it achieved in 2022
The wealth-management proposition has been enhanced by the revamped CIO Liquid+ Fund, optimizing yield, safety and liquidity, and by the DBS Idea Fund, capitalizing on tech and digitalization trends. The CIO strategies, such as the 60/40 stocks-to-bonds portfolio and a bullish view on US big tech, have translated into tangible gains for clients.
Sustainability is a cornerstone of DBS's investment philosophy. Over 60% of the bank's investment portfolio comprises sustainable investments, exceeding its target two years ahead of schedule.
Through a strategic alliance with Temasek and BlackRock, DBS is the exclusive distributor in Asia for the Decarbonization Private Equity Fund, aiming to raise $1 billion.