Singapore headquarted DBS is now the eighth largest private bank in Asia-Pacific by assets under management (AUM), according to rankings revealed today by Private Banker International, in its annual PBI Global Wealth Summit & Awards 2015.

One of DBS’ strategic priorities is to strengthen its wealth proposition, which spans DBS Treasures, DBS Treasures Private Client and DBS Private Bank. DBS continuously strives to leverage the best of the bank and combine its wealth management solutions with its clients’ wealth creation needs.

The business has grown strongly since 2010, and is now the eighth largest player in Asia. As at the end of 2014, DBS’ high net worth* AUM and AUM for all wealth customers stood at SGD92 billion and SGD133 billion respectively. From end 2014 to end June 2015, DBS’ wealth management AUM grew 6% and stands at around SGD 141 billion today.

According to Private Banker International’s press release, “The big mover in 2014 was DBS Private Bank with its AUM growing by 35% year-on-year, which is the most notable change across the rankings. It also moved up the ranks to reach 8th position, beating Morgan Stanley. DBS’ acquisition of Societe Generale’s Asian private banking business last year added considerably to its AUM. Other factors that contributed to its success are a focus on digital banking, innovation, and the ability to retain customers as their individual wealth grows.”

Tan Su Shan, Group Head of Consumer Banking & Wealth Management at DBS Bank said, “Wealth management is an integral part to our overall business. Over the years, the growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. We are delighted to be ranked among the top 10 in Asia and to represent Singapore in the rankings.“

 

 

 

 

 

 

 

 

 

 

Notes: Based on figures from Q4 2014 – where publicly available and from internal sources. Where a range of AUM is used, PBI has taken the lower figure in calculating total AUM. Exchange rates as at 31 Dec 2014. (1) Includes AUM of HNW clients with net worth of USD1m and above (2) Includes figures from asset and wealth management divisions (3) Estimate; Figure for 2013 revised from the PBI AUM RANKINGS 2014 (4) Includes AUM of HNW clients with net worth of USD1m and above (5 - 9) Estimate *HNW clients are those with investable assets of >$1 million. Includes private banks active in Singapore and Hong Kong booking centres. **Total for 2013 does not include J Safra Sarasin, RBC Private Bank