DBS Group Holdings is seeing a surge in accounts for family offices that could boost its related assets under management to US$10 billion (S$13.5 billion) by 2025.
DBS is seeking to triple assets under management for the family office unit if markets are favourable, from "strong single-digit billions" now. It grew by 40 per cent year on year, with the average account holder placing US$150 million with the bank, said managing director Lee Woon Shiu, who heads wealth planning at DBS Private Bank.
The number of family offices in Asia has surged in recent years as the region's wealthy clans seek professional money managers to look after their assets.
Singapore is trying to become a global hub for the wealth management industry and local regulators last month estimated that the number of single family offices in the city grew to about 200 last year.
"We expect to see strong growth being created in Asia with the slew of IPOs (initial public offerings) being organised and arranged in Hong Kong and China," said Mr Lee, adding that the average account holder has a net worth of US$600 million.
DBS expects to see continued compound annual growth of 20 per cent for the next three to five years in assets under management for the family office unit this year, he added.
DBS' assets under management for its wealth management operations, which include private banking and other services for the affluent, stood at $251 billion as at June.
Other growth is coming from non-Asian family offices establishing satellite offices in Singapore for investments and holdings across the region - Briton James Dyson's Weybourne Group started a Singapore outpost last year.
20% Percentage of continued compound annual growth that DBS expects to see for the next three to five years in assets under management for the family office unit this year, said managing director Lee Woon Shiu, who heads wealth planning at DBS Private Bank.