DBS sees jump in wealth management assets

DBS Bank's wealth management assets under management for the first half of this year have increased to S$175bn (US$129.9bn), a 16% increase on the same period last year, assisted by a global expansion as well as its digital innovation, according to the bank. "Our total income has also increased by 21% year-on-year, driven by markets as well as new investment and insurance products launched this year," said Tan Su Shan (pictured), group head of consumer banking and wealth management at DBS Bank.

"Our strong corporate and commercial banking franchise in Asia allows us to provide our Asian-based customers with regional connectivity and understanding of all our major Asian markets," said Tan. "These are invaluable to our clients, whose main business activities are centered in Asia," she added.

Furthermore, the Singapore-based private bank continues to work on its expansion in Europe and the Middle East. "We have been working with a number of ultra-high net worth families on direct private equity investment opportunities that are seeking strategic as well as financial investors," said Tan. "We have also been showing private equity investment opportunities brought to us by our ultra-high net worth clients who are seeking partners."

Earlier this year, the bank obtained a license for a new wealth management office in London to serve ultra-high net worth clients and family offices looking to invest in Asia, and is also hiring relationship managers for its Dubai office.

"Digital innovation and our one-bank approach across wealth management, corporate banking and capital markets will help to leverage the best of the bank," said Tan. The strategy is to help these investors plan, structure and hold financial and non-financial assets, as part of their legacy planning. "We are helping to impart the necessary business as well as life skills to our ultra-high net worth clients' next generation, so that they can become successful, purposeful and fulfilling successors," said Tan.

The digital transformation is designed to provide a faster, smarter and more personalised way to manage wealth. "In February this year, we enhanced our digital wealth platform, 'DBS Wealth', which allows clients to conduct their banking transactions, manage their wealth and also trade on a single platform - a first in Singapore," she said.

"For example, clients can personalise their profiles and customise quick links. Insights and analysis can be customised according to clients' preferences and holdings, allowing them to manage their wealth and stay updated on market trends while on the go," said Tan. Equity trading and funds investment have also been incorporated into the platform, which, "enhances the range of customer investment needs that can be instantly fulfilled", according to Tan.

"The bank's digital transformation has seen robust growth in online activity among our clients," said Tan. Year-over-year, there has been a 29% increase in the number of clients acquired online, a 45% rise in asset under management from online wealth management clients and a 74% increase in online equity trading volume, according to DBS.

DBS is among the top 20 distributors of structured retail products in Asia-Pacific, according to SRP data. The bank's net estimated sales for the first seven months of 2017 fell to $1.4bn, from $6.7bn in the same period in 2016, although sales this year are eight times those of the same period in 2015.

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