DBS Private Bank has announced that its DBS Multi Family Office Foundry VCC (DBS MFO) has reached a record SGD 1 billion in assets under management (AUM) just two years after its launch. The DBS MFO is the world’s first bank-backed multi family office to leverage Singapore’s Variable Capital Company (VCC) structure. Since its debut in 2023, the DBS MFO has onboarded over 25 ultra-high net worth (UHNW) families worldwide, highlighting Singapore’s position as a leading family office and fund management hub.
The DBS MFO offers a unique ‘plug-and-play’ solution, allowing clients to invest with a minimum of SGD 15 million and benefit from the VCC’s tax incentive award. Clients have the freedom to customize their investment strategies without being required to invest in DBS products. The DBS MFO also provides professional management and oversight, maintaining the highest standard of governance and compliance.
According to Lee Woon Shiu, Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank, the DBS MFO has exceeded expectations, reflecting the growing demand for cost-efficient and institutionally-supported wealth structuring solutions. The bank’s ‘One Bank’ model, which integrates its wealth and institutional businesses, has created a differentiated wealth proposition.
DBS currently banks over one-third of the single family offices established in Singapore, and its family office AUM has more than doubled in the last two years. The bank is on track to double its AUM to SGD 2 billion by the end of 2026. DBS also offers a range of structures, including family trusts, private trust companies, and donor-advised funds, to address the wealth and legacy planning needs of its clients.
The bank has seen an increase in UHNW families committed to using their wealth as a “force for good” through impact investing or philanthropic means. DBS Foundation, which champions businesses for impact, serves as a natural partner for these clients. The bank intends to expand its suite of innovative and sustainable long-term wealth structuring solutions, focusing on priority markets such as Taiwan, Japan, and the United Kingdom.
DBS is a leading financial services group in Asia, recognized for its global leadership and commitment to building lasting relationships with customers. The bank has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney, and “Global Bank of the Year” by The Banker. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities.