The announcement came as the bank launched what it is calling its “DBS Treasures Private Client”, a new high net worth platform aimed at Asian millionaires with more than S$1.5m, but less than S$5m in investible assets.
“With this launch, DBS is now uniquely placed, as it can provide two distinct platforms to cater to the fast-growing population of HNWIs in Asia: DBS Treasures Private Client..for clients with investible assets of S$1.5m and up…and DBS Private Bank, for HNWIs with over S$5m in assets,” the bank said in a statement.
According to DBS, its new Treasures platform is intended to provide the bank’s customers with access to a range of investment products and services, and in turn will link them to its network of more than 200 retail bank branches across 15 Asian markets.
Tan Su Shan, DBS Group head of wealth management, said the two DBS platforms reflect the bank’s acknowledgement that high net worth individuals “differ in their investment preferences, risk appetite and needs”.
Alternatives team
In an effort to boost its ability to handle HNW investors, DBS has recently boosted its expertise in a number of areas, including it alternative investments, family office and philanthropy operations, as well as deepening its “bench strength”, DBS said – a reference to the experienced team of staffers it keeps on hand to back up its front line executives, and stand in for them when needed.
At the end of August, DBS Wealth Management employed almost 450 staff across Asia, the bank said.
DBS dates back to 1968, when it was founded as the Development Bank of Singapore to help drive Singapore’s industrialisation efforts. In addition to the DBS brand, it also does business in Singapore as POSB, a more mass-market franchise.
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