DBS’ Multi-Family Office Platform Discloses Asset Size
The multi-family office offering of DBS Private Bank has reached an asset milestone two years after launching.
The DBS Multi Family Office Foundry VCC (DBS MFO) has reached S$1 billion ($780 million) in assets under management (AUM) with more than 25 ultra-high net worth families, according to a statement.
DBS MFO, which launched in 2023, leverages Singapore’s variable capital company (VCC) structure and allows families to set up investment vehicles without fully building a singe-family office (SFO) nor shouldering administrative burdens. It has a minimum requirement of S$15 million in investments to qualify.
Growth Outlook
DBS MFO is in talks with more than 15 other prospects and is on track to double AUM to S$2 billion by end-2026.
«While the traditional SFO model still appeals to many, we anticipated very early on that there would be growing demand for cost-efficient yet institutionally-supported solutions,» said Lee Woon Shiu, group head of wealth planning, family office & insurance solutions, DBS Private Bank. «That was the thinking behind our DBS MFO, which we launched back in 2023 as a market-first, and today, the response has exceeded expectations.»
The bank currently serves over one-third of SFOs established in Singapore with AUM from the segment having more than doubled in the past two years. At the end of 2024, Singapore was home to more than 2,000 SFOs, the city-state’s financial regulator previously announced.