Assets under management at DBS’s wealth arm climbed to a new high and group chief Piyush Gupta noted that there was more cash readying for deployment.
DBS’s wealth management unit saw assets under management (AUM) grow 9 percent to S$297 billion ($223 billion) in 2022, said CEO Piyush Gupta at an annual results briefing attended by finews.asia.
Despite a downturn in financial markets, DBS managed to more than double net new money at the bank in 2022.
Adding Risk
And the bank is positive on AUM growth in 2023 with signs of improving investor optimism, especially due to rebounding markets in China and Hong Kong.
«We are already beginning to see the green shoots», Gupta said. «We have more dry powder»
Fee Decline
Despite the robust AUM growth, the bank’s earnings were nonetheless affected by weaker market performance and sentiment.
Wealth management fees fell 26 percent to S$1.3 billion in 2022 as «weaker market conditions led to lower investment product sales». The bank’s loan book also shrunk in part due to a reduction in margin loans amongst wealth management clients.
