DBS Private Bank’s multi-family office arm has attracted S$1 billion (about US$780 million) just two years after its launch, and the Singapore lender expects assets to double by 2026, according to Reuters.

The unit, known as DBS Multi Family Office Foundry VCC, offers wealthy families a ready-made platform for managing investments in Singapore instead of building bespoke single-family offices.

The bank takes care of administration while clients direct their own portfolios.

Fresh funds have come from families in Europe, India, Greater China and other parts of Asia, reflecting Singapore’s status as a growing centre for private wealth.

DBS says it is negotiating with more than 15 potential entrants and aims to lift total assets to S$2 billion within the next two years.

Set up in 2023, the platform has already onboarded over 25 families.

Each sub-fund requires at least S$15 million and uses Singapore’s variable capital company framework, a structure designed to speed up onboarding compared with traditional family office arrangements.

DBS also sees the service as a stepping stone for families weighing a permanent move to Singapore’s wealth ecosystem.

The bank says it now works with over one-third of the single-family offices in the city-state and that assets linked to family office clients have more than doubled over the past two years.

Featured image: Edited by Fintech News Singapore, based on image by DBS Bank