DBS Multi Family Office Foundry VCC achieves record SGD 1 billion AUM, underscoring strong demand for its unique wealth structuring proposition
World’s first bank-backed multi family office has onboarded more than 25 clients in two years
Singapore, 23 Sept 2025 - As ultra-high net worth (UHNW) individuals and their families increasingly view Asia as a gateway for growth and investment opportunities, DBS Private Bank today announced that its pioneering DBS Multi Family Office Foundry VCC (DBS MFO) has achieved a record SGD 1 billion in assets under management (AUM) two years after its launch. The strong uptake reflects the surging demand for innovative wealth planning solutions amid a historic intergenerational wealth transfer and growing interest in alternative investments, such as private markets and digital assets.
Since debuting in 2023 as the world’s first bank-backed multi family office that leverages Singapore’s Variable Capital Company (VCC) [1] structure, the DBS MFO has onboarded more than 25 UHNW families around the world, underscoring Singapore’s position as a leading family office and fund management hub. These include families who were originally considering setting up their own Single Family Office (SFO), but were won over by cost optimisation, manpower benefits and the ease of administration which the DBS MFO offers.
Even as UHNW families now have a wider pool of wealth structuring solutions at their fingertips, the DBS MFO continues to stand out in the following ways:
(i) It is designed as a unique ‘plug-and-play’ offering, where DBS will set up the sub-fund (which automatically benefits from the VCC’s tax incentive award) and manage ongoing regulatory reporting requirements on a client’s behalf. This contrasts with other options that require families to set up their own fund entities and apply separately for tax incentives. Clients need only to invest SGD 15 million to qualify for the DBS MFO.
(ii) It does not impose pre-determined investment philosophies nor are clients required to invest in DBS products. Instead, a client is free to directly customise investment strategies that are aligned with the family’s long-term vision. Clients can, in fact, leverage the bank’s open-architecture model to access an even broader ecosystem of funds and alternative investments, which includes private assets, structured products, as well as digital assets.
(iii) Capital is held and managed professionally by DBS[2], thereby maintaining the highest standard of governance and oversight underpinned by robust compliance frameworks and institutional resilience. An additional layer of legal separation and professional governance is further embedded within the DBS MFO structure.
“The wealth structuring landscape is evolving rapidly, with families demanding solutions that are flexible, transparent and trusted,” said Lee Woon Shiu, Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank. “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. 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. This milestone reflects our clients’ trust in us to come up with innovative structures that empower them to shape their wealth and legacies on their own terms.
“Our wealth and institutional businesses at DBS are well integrated, and when combined with our strong track record of collaboration for the benefit of our clients, they create a differentiated wealth proposition – what we call our ‘One Bank’ model. For instance, we leverage the structuring capabilities of our Global Financial Markets team to design bespoke solutions for DBS MFO clients with specific investment mandates. One of our clients was able to gain exposure to a sub-fund portfolio through a total return swap transaction, a solution typically reserved for institutional investors.”
Today, DBS banks more than one-third of the SFOs established in Singapore[3], and its Family Office AUM has also more than doubled in the last two years. “Client interest in succession planning and wealth preservation has intensified, and we are currently in talks with more than 15 prospects who see the DBS MFO as an attractive solution. With this in mind, we are on track to double our AUM to SGD 2 billion by end-2026, achieving in just over half the time what it took to reach our first billion,” added Mr Lee.
Employing a multi-dimensional approach to wealth and legacy planning
As Singapore’s leading family office practice, DBS offers structures such as family trusts, private trust companies and donor advised funds to address their wealth and legacy planning needs. These complement the DBS MFO and provide flexibility for clients to seamlessly transition to an SFO when ready.
This year also marks the 50th anniversary of DBS Trustee Ltd., the bank’s wholly-owned subsidiary that supports families in ensuring wealth is transferred smoothly across generations. When combined with structures like the DBS MFO or an SFO, a trust offers a comprehensive approach that effectively meets diverse wealth planning objectives and navigates complex tax and regulatory requirements.
DBS has also seen more UHNW families committed to using their family wealth as a “force for good”, be it through impact investing or philanthropic means.DBS Foundation, which champions businesses for impact – social enterprises and SMEs with a dual bottom-line of profit and impact –serves as a natural partner for these clients, offering multiple avenues for them to drive change.
The bank intends to maximise DBS MFO’s potential by expanding its suite of innovative and sustainable long-term wealth structuring solutions. Efforts will focus on unlocking strategic structural advantages for clients in priority markets such as Taiwan, Japan and the United Kingdom, where the DBS MFO presents compelling advantages.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Since debuting in 2023 as the world’s first bank-backed multi family office that leverages Singapore’s Variable Capital Company (VCC) [1] structure, the DBS MFO has onboarded more than 25 UHNW families around the world, underscoring Singapore’s position as a leading family office and fund management hub. These include families who were originally considering setting up their own Single Family Office (SFO), but were won over by cost optimisation, manpower benefits and the ease of administration which the DBS MFO offers.
Even as UHNW families now have a wider pool of wealth structuring solutions at their fingertips, the DBS MFO continues to stand out in the following ways:
(i) It is designed as a unique ‘plug-and-play’ offering, where DBS will set up the sub-fund (which automatically benefits from the VCC’s tax incentive award) and manage ongoing regulatory reporting requirements on a client’s behalf. This contrasts with other options that require families to set up their own fund entities and apply separately for tax incentives. Clients need only to invest SGD 15 million to qualify for the DBS MFO.
(ii) It does not impose pre-determined investment philosophies nor are clients required to invest in DBS products. Instead, a client is free to directly customise investment strategies that are aligned with the family’s long-term vision. Clients can, in fact, leverage the bank’s open-architecture model to access an even broader ecosystem of funds and alternative investments, which includes private assets, structured products, as well as digital assets.
(iii) Capital is held and managed professionally by DBS[2], thereby maintaining the highest standard of governance and oversight underpinned by robust compliance frameworks and institutional resilience. An additional layer of legal separation and professional governance is further embedded within the DBS MFO structure.
“The wealth structuring landscape is evolving rapidly, with families demanding solutions that are flexible, transparent and trusted,” said Lee Woon Shiu, Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank. “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. 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. This milestone reflects our clients’ trust in us to come up with innovative structures that empower them to shape their wealth and legacies on their own terms.
“Our wealth and institutional businesses at DBS are well integrated, and when combined with our strong track record of collaboration for the benefit of our clients, they create a differentiated wealth proposition – what we call our ‘One Bank’ model. For instance, we leverage the structuring capabilities of our Global Financial Markets team to design bespoke solutions for DBS MFO clients with specific investment mandates. One of our clients was able to gain exposure to a sub-fund portfolio through a total return swap transaction, a solution typically reserved for institutional investors.”
Today, DBS banks more than one-third of the SFOs established in Singapore[3], and its Family Office AUM has also more than doubled in the last two years. “Client interest in succession planning and wealth preservation has intensified, and we are currently in talks with more than 15 prospects who see the DBS MFO as an attractive solution. With this in mind, we are on track to double our AUM to SGD 2 billion by end-2026, achieving in just over half the time what it took to reach our first billion,” added Mr Lee.
Employing a multi-dimensional approach to wealth and legacy planning
As Singapore’s leading family office practice, DBS offers structures such as family trusts, private trust companies and donor advised funds to address their wealth and legacy planning needs. These complement the DBS MFO and provide flexibility for clients to seamlessly transition to an SFO when ready.
This year also marks the 50th anniversary of DBS Trustee Ltd., the bank’s wholly-owned subsidiary that supports families in ensuring wealth is transferred smoothly across generations. When combined with structures like the DBS MFO or an SFO, a trust offers a comprehensive approach that effectively meets diverse wealth planning objectives and navigates complex tax and regulatory requirements.
DBS has also seen more UHNW families committed to using their family wealth as a “force for good”, be it through impact investing or philanthropic means.DBS Foundation, which champions businesses for impact – social enterprises and SMEs with a dual bottom-line of profit and impact –serves as a natural partner for these clients, offering multiple avenues for them to drive change.
The bank intends to maximise DBS MFO’s potential by expanding its suite of innovative and sustainable long-term wealth structuring solutions. Efforts will focus on unlocking strategic structural advantages for clients in priority markets such as Taiwan, Japan and the United Kingdom, where the DBS MFO presents compelling advantages.
[1] https://www.acra.gov.sg/business-entities/variable-capital-companies
[2] DBS has been named “Safest Bank in Asia’’ by Global Finance for 16 consecutive years from 2009 to 2024. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
[3] https://www.mas.gov.sg/development/wealth-management
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.