DBS named Asia's Best Wealth Manager

DBS Bank continued to be recognised for its leading regional wealth management franchise, taking home the Best Wealth Manager in Asia award by leading Asian financial publication, The Asset, recently. The bank was also named Best Wealth Manager in Singapore, Indonesia and China, three of its key markets. Ms Tan Su Shan, DBS' Group Head of Consumer Banking and Wealth Management, was honoured as Private Banker of the Year, Singapore.

According to The Asset, DBS won the coveted Best Wealth Manager in Asia award because of "the bank's ability to recognise the different requirements of both new and established clients, as well as provide wealth management solutions and services through DBS Treasures and DBS Treasures Private Client".

DBS has three platforms catering to affluent individuals: DBS Treasures, DBS Treasures Private Client and DBS Private Bank. It launched DBS Treasures Private Client in September 2011 to cater to the needs of individuals between mass affluent and Private Banking clients, with AUM of SGD 1.5 million to SGD 5 million. The platform was created given DBS' recognition that different wealth creators value different products and services, prompting the bank to design distinct value propositions to suit their needs.

Building a leading wealth management business has been one of DBS' strategic priorities since 2010 and the bank has made significant strides on this front over the years. Today, the franchise accounts for about 11% of DBS' total income.

In 2014, DBS' income reached a record SGD 9.62 billion. Including one-time items, net profit was SGD 4.05 billion. Income from the wealth management franchise rose 19% to SGD 1.1 billion, underscoring increased confidence in the business. For the first half of 2015, DBS' wealth management income was SGD 743 million, up 41% year on year.

Apart from its customised offerings, wide range of products and services and award-winning Asian research and insights, DBS has also been at the forefront of digital banking. For example, it is the first bank in the world to use artificial intelligence to provide advice to High Net Worth clients.

Said Royce Teo, Regional Head of DBS Treasures & DBS Treasures Private Client, "Over the years, we have made significant strides in our DBS Treasures and DBS Treasures Private Client franchise. The bank has invested in an Asia-centric client proposition, providing deep Asia insights and wide connectivity, a full suite of customised products and services, as well as a cutting-edge digital proposition to customers. We are privileged to be recognised as Asia's Best Wealth Manager, and this award inspires us to do better as we further improve our customers' experience and deepen our expertise and insights."

Source : Equity Bulls

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