DBS Private Bank, part of Singapore’s largest lender DBS Group, announced that its multi-family office platform has surpassed S$1 billion (US$780 million) in assets under management just two years after launching. The bank expects this figure to double to S$2 billion (US$1.56 billion) by the end of 2026.
Family offices are private investment structures used by the ultra-wealthy to manage wealth, succession, and tax planning. While single-family offices serve only one family, multi-family offices offer similar services to multiple families, sharing infrastructure and expertise.
The milestone was achieved through the DBS Multi Family Office Foundry VCC (DBS MFO), which allows wealthy families to establish Singapore-based investment entities without the need to set up dedicated single-family offices. DBS manages the administrative side, while clients retain full control over their investment choices.
“This heightened state of volatility has accelerated decision-making among clients who are looking for stability and transparency,” said Lee Woon Shiu, Group Head of Wealth Planning, Family Office and Insurance Solutions at DBS. He added that the current S$1 billion in AUM comprises entirely new inflows, with clients spanning Europe, India, Greater China, and the wider Asia region.
Launched in 2023, the DBS MFO has already attracted over 25 families, with a minimum investment requirement of S$15 million per sub-fund. Built on Singapore’s Variable Capital Company (VCC) structure introduced in 2020, the platform enables onboarding within a month—significantly faster than the three to four months usually required to establish a single-family office.
DBS is currently in discussions with more than 15 additional prospects. According to Lee, the platform also provides families with a way to test Singapore as a jurisdiction before committing to a full single-family office, making it particularly appealing for wealthy families from Taiwan, Japan, and the UK.
The bank, which already serves over a third of Singapore’s single-family offices, said its family office assets have more than doubled over the last two years, though it did not disclose specific figures.
