DBS sets 2030 wealth AUM goal above S$1tn
DBS Group plans to lift assets under management in its wealth business to more than S$1tn ($774bn) by 2030, reported Reuters citing the head of the bank’s unit.
The objective covers the bank’s retail and wealth businesses.
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It implies an increase of roughly S$400bn from S$632bn in wealth assets under management recorded at the end of 2025.
At a media briefing, DBS group executive and consumer banking and wealth management group head Shee Tse Koon said: “From full year 2015 to 2025, in 10 years, we grew our AUM by S$400 billion. Looking at the traction, our ambition now is to grow the same S$400 billion by half the time.”
“Many of the macro trends that we see, for example the rise of wealth in Asia, and also the shift of wealth into Asia, I think these macro trends are what will be tailwinds.”
As of May, the number of newly added high-net-worth and ultra-high-net-worth clients at DBS was up 20% from a year earlier, the report said.
The bank also serves more than a third of single-family offices set up in Singapore.
The lender intends to add more than 600 relationship managers, frontline advisers and platform engineers by the end of 2028, with hiring focused mainly on Singapore, Hong Kong, China, India, Indonesia and Taiwan.
“It’s not just about the frontliners. We need the engineers, the tech people, the platform people to create that capability and the capacity,” said Shee.
“Our wealth continuum is about really winning in every segment… it’s about serving them most appropriately in that segment, because as I said, customers are not homogeneous.”
Last month, DBS said it would open 18 new wealth centres across Asia by the end of 2027 and refurbish 36 existing centres over the following 18 months.
The expansion and upgrades will cover Singapore, Hong Kong, mainland China, India, Indonesia and Taiwan.
