DBS wins the award for its strength and innovative leadership in serving family office clients in Singapore.
The bank provides families with a full range of services, expertise and capabilities, a strength which has helped it onboard over a third of all the 700 single family offices set up in Singapore.
Much of this inbound demand has come from families from north Asia, Europe, the US and the Middle East, business which has more than doubled the bank’s family office assets under management in the past couple of years. This business also led to new asset injections last year of over S$1 billion ($750 million) from trust structures established with DBS Trustee Limited.
DBS became the first private bank to launch a multi-family office structuring proposition to leverage Singapore’s VCC regime
Expanding its capabilities and demonstrating its innovation, DBS last year became the first private bank to launch a multi-family office structuring proposition to leverage Singapore’s Variable Capital Company (VCC) regime. VCCs are a new legal entity structure for all types of investment funds in Singapore. They can be formed as a single standalone fund or as an umbrella fund with two or more sub-funds, each holding different assets.
The exotically titled DBS Multi Family Office Foundry VCC has been established as an umbrella VCC with multiple underlying sub-funds.
At its simplest, it offers affluent families an alternative option to manage their wealth in Singapore, without having to establish their own single family office. Through DBS MFOF, clients are able to access a full suite of investment services – such as investment management, trade execution and custody – via a single integrated platform.