DBS Family Office Reaches $780M AUM

DBS Group, Southeast Asia’s largest bank by assets, has announced that its multi-family office platform the DBS Multi Family Office Foundry VCC (DBS MFO) has reached $780 million in assets under management (AUM) as of September 2025. The Singapore-based platform, launched in 2023, has rapidly attracted wealthy families from around the world and is now aiming to double its AUM to $1.56 billion (S$2 billion) by the end of 2026 (Reuters).

A Scalable Alternative to Single-Family Offices

DBS MFO offers ultra-high-net-worth (UHNW) families an efficient alternative to building a single-family office. Using Singapore’s Variable Capital Company (VCC) structure introduced in 2020 — families can create sub-funds under a shared legal and operational framework, eliminating the administrative burden while maintaining full investment control. According to DBS’s official newsroom, the minimum entry point is S$15 million per family.

This plug-and-play model has proven attractive, particularly in volatile times when clients are seeking stability and efficiency. By outsourcing regulatory, compliance, and operational functions to DBS, families can focus on long-term strategies such as succession planning, philanthropy, and cross-border investment.

International Client Base and Growing Momentum

Since its launch, the platform has onboarded over 25 families from diverse regions including Greater China, India, Southeast Asia, and Europe. These families were drawn by Singapore’s political stability and favorable tax environment, as well as DBS’s comprehensive wealth planning capabilities.

In an interview with Reuters, Lee Woon Shiu, Group Head of Wealth Planning at DBS Private Bank, noted a sharp increase in interest over the past year:

“In the last nine months, we’ve seen more happen than maybe the last nine years.”

He attributes this acceleration to growing uncertainty in global markets, which has prompted many wealthy individuals to move quickly to formalize their wealth structures. Families that once hesitated are now looking to Singapore not just as a safe haven, but as a long-term base for financial operations.

Part of a Larger Trend in Singapore

The rise of DBS MFO is aligned with a broader push by Singapore to become a global hub for family offices. According to Singapore’s Economic Development Board (EDB), the number of registered family offices in the country grew from fewer than 400 in 2020 to over 1,500 by mid-2025 a nearly fourfold increase.

Much of this growth is being driven by regulatory innovations such as the VCC framework, which allows different sub-funds under a single umbrella. This structure offers tax efficiency, confidentiality, and flexibility in asset allocation key concerns for UHNW clients seeking to manage their wealth across jurisdictions.

DBS has been quick to capitalize on this momentum. The bank already serves more than one-third of Singapore’s existing single-family offices and has seen its own family office-related AUM more than double in the past two years (DBS).

Attracting New Capital and Future Growth

One of the most notable aspects of DBS MFO’s growth is that the $780 million in AUM represents entirely new capital not a transfer of existing DBS wealth clients. This suggests that the platform is expanding the bank’s overall reach into new markets and attracting families who may have otherwise looked to competitors in Hong Kong, Dubai, or Switzerland.

DBS is currently in active discussions with more than 15 additional families and expects to onboard several more by mid-2026. According to Reuters, the bank is confident in its goal to hit S$2 billion in assets by the end of 2026, driven by this growing demand.

A Flexible Step Before Establishing a Full SFO

DBS positions the MFO platform as a stepping stone for families who may eventually set up their own single-family office in Singapore. Rather than diving into complex infrastructure, clients can test the environment using the shared MFO model. Once familiar, they can choose to graduate to a bespoke structure.

This strategy addresses a common pain point: many families have the capital to build a full office but lack the experience or local understanding needed to do so effectively. By starting with the MFO, they get immediate access to DBS’s institutional support while retaining flexibility for future upgrades.

As explained by AINvest, this hybrid approach is gaining popularity in Asia, where rapid intergenerational wealth transfer is occurring and many second-generation family members are seeking modern, digital-first solutions.

Competitive Landscape and Challenges

Despite its rapid rise, DBS faces stiff competition from global private banks like UBS, JPMorgan, and HSBC all of which are expanding their family office offerings in the region. Additionally, tech-driven platforms and independent asset managers are emerging with digital-native solutions for younger wealth holders.

Challenges also include regulatory complexity, especially for families with multi-jurisdictional assets. While the VCC structure simplifies local governance, families still need cross-border legal and tax advice often requiring coordination among multiple service providers.

Another limitation is the relatively high capital threshold. With a minimum S$15 million requirement, the MFO is currently only accessible to UHNW families, potentially excluding a growing segment of “emerging wealth” clients. Some industry analysts have suggested that DBS could consider offering lighter versions of the platform in the future to capture this segment.

Outlook

If DBS reaches its goal of S$2 billion in AUM by 2026, it will not only validate the scalability of the MFO model but also reinforce Singapore’s position as Asia’s leading family office hub. The bank’s integrated “One Bank” approach combining investment management, wealth structuring, and private banking could become a blueprint for others seeking to serve this growing market.

As wealth continues to globalize, families are looking for adaptable, secure, and transparent solutions to manage their assets. DBS MFO appears well-positioned to meet this demand, offering both institutional reliability and tailored service two elements increasingly sought in today’s wealth management landscape.