SINGAPORE: DBS Group Holdings Ltd is seeking to more than double its wealth management assets to about S$1 trillion (US$775bil) by 2030 as Singapore’s largest lender accelerates its push across Asian markets.
The bank plans to hire at least 600 staff and open 18 new wealth centres in its core markets of Singapore and Hong Kong.
DBS’ S$1 trillion goal speaks of the Asian bank’s aspiration to join the global rankings of large asset managers such as UBS Group AG, Morgan Stanley, and JPMorgan Chase & Co, which manage more than US$1 trillion in clients’ funds.
But the Asian bank distinguishes itself with wider target groups that also include everyday millionaires and below, a fast expanding market especially in emerging markets across the region.
To meet its S$1 trillion target, DBS would need to roughly double its assets in five years from about S$492bil as of the first quarter of 2026.
DBS stands to gain as China’s tightening grip on capital outflows pushes wealthy clients in the region toward Singapore over Hong Kong, analysts have said.
Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank Ltd (UOB) are also capitalising on the city-state’s popularity as a global wealth hub.
DBS will hire a mix of relationship managers and platform engineers by end-2028, Shee Tse Koon, group head of consumer banking and wealth management, told reporters in Singapore on Tuesday.
Engineers will be based primarily in Singapore and Hong Kong, while frontline staff will be spread across its main markets.
On top of opening new ones, the bank is also upgrading 36 existing wealth centres, including in Singapore, Hong Kong and mainland China.
Shee described the overall expansion as “probably the largest physical wealth expansion beyond what any Asian bank has now”.
DBS said 58% of its wealth assets are deployed in investment products, a record level of activation Shee attributed to the quality of the bank’s advice and artificial intelligence (AI)-powered capabilities.
Return on equity in the private bank is “north of 70%”, he said, adding that asset growth has been running in the double digits even as relationship manager headcount grew in the single digits over the last couple of years.
DBS, along with local rivals OCBC and UOB, saw their shares hit record highs this month.
DBS stock surged past S$70 as analysts upgraded their recommendations.
The bank will also launch a revamped AI-powered wealth platform in mid-August that will allow mass market customers to receive personalised investment recommendations, chat with a bot and execute trades without human intervention once they consent, Shee said.
The system is built so that “no human beings need to touch it” once a customer decides to transact, except when clients request to speak with an adviser.
OCBC had earlier unveiled plans to increase annual technology spending to more than S$1bil and hire 600 additional relationship managers. — Bloomberg
