Bank of Singapore to Expand Family Office Servicesadmin
FINANCE Friday, 12 June 2020 17:45
The private banking arm of OCBC Bank is planning on growing investment products and targeting clients outside the region, in a bid to capture a larger slice of the family office market.
«The family office is a big segment, not only from China but also from the Middle East as well as other parts of the world,» Bahren Shaari, chief executive, Bank of Singapore, told «Reuters» in an interview published on Friday.
The news wire noted that BoS’ assets under management as of end-March was $104 billion, down from $108 billion year-on-year, while its assets in its family office segment grew by 20 percent.
«We make sure we have a complete offering on hedge funds, private equity, direct investments and real estate. That has grown quite a fair bit over the last one year,» Shaari said, highlighting the scale of wealth transfer taking place, which is prompting the demand for such investment vehicle.
Shaari also said the private bank is considering an onshore presence in China and is also considering partnerships, as the country opens up its wealth management market. «We look at the opportunities. Of course, there’s an urgency to really look at what we can do onshore,» Shaari said.