Group Head of DBS Private Bank Joseph Poon said the private bank is part of DBS's wider wealth platform whose assets grew 7 per cent at the end of June from a year earlier. PHOTO: DBS
SINGAPORE, Sept 4 (BLOOMBERG) - Asia's wealthy are readying cash to take advantage of opportunities in financial markets and private equity once the impact of the coronavirus pandemic subsides, according to the head of private banking at South-east Asia's largest lender.
Clients have increased cash holdings to about 40 per cent of their portfolios in recent months, up from about 30 per cent before the pandemic, Joseph Poon, who leads DBS Group Holdings' private bank, said in an interview this week. While the unit doesn't disclose assets under management, it's part of DBS's $251 billion wider wealth platform, which is among the largest in Asia.
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