Industry News
DBS aims to triple family office unit assets by 2025
- In recent years, there has been a surge in accounts for the number of family offices.
- By 2025, DBS Group Holdings hopes to boost asset management to to US$10 billion (S$13.5 billion)
- Apart from that, Singapore is trying to become a global hub for the wealth management industry and local regulators
- Hence, DBS expects to see continued compound annual growth of 20% for next 3-5 years, in assets under management for the family office unit this year
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*Disclaimer: Content is taken from https://www.straitstimes.com/business/banking/dbs-aims-to-manage-135-billion-of-family-office-assets-by-2025
Estate of late doctor with dementia impart $6.75 million to NUS
- With a particular interest in children with special learning needs, Dr Paul wanted to help the needy female students at the NUS Yong Loo Lin School of Medicine and hence, had bequeathed $6.75 million her estate to help them.
- She was suffering from dementia, and after she had her will written, she was befriended by two men who were working around her neighbourhood.
- Together with Dr Paul’s maid, the three tried to influenced Dr Paul into transferring them large sums of money from the sale of her old home worth $15.4 million and making a new will in 2010.
- Fortunately in 2013, Dr Paul’s distant relatives who were appointed to manage her will affairs were able to restore Dr Paul’s earlier testamentary intentions, including her gift to NUS.
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*Disclaimer: Content is taken from https://www.straitstimes.com/singapore/estate-of-late-doctor-with-dementia-bequeaths-675-million-to-nus
“Game over” after nine months: Singapore private bankers feel pressure of big pay rises
- As multiple private banks – including HSBC, Citi, JPMorgan and Nomura – look to expand their front-office teams in Singapore this year, base salaries are on the up. As we reported in April, 20% is merely a par salary hike for relationship managers moving jobs at the same level.
- “You might have a grace period in the first three months, but in six months you must show reasonable progress in terms of pipelining account applications submitted, notwithstanding six-month non-solicitation of clients,” says Liu.
- “A dangerous repercussion for RMs who fail to submit a reasonable number of client applications within an initial time frame is that they could end up trying to generate huge revenues from certain clients in order to make up for their failure on AUM acquisition.” says Liu.
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*Disclaimer: Content is taken from https://www.efinancialcareers.com/news/2021/06/singapore-private-bankers-pressure-of-big-pay-rises
Do note the following
Andrew Ang representing Prudential Assurance Company Singapore for financial advisory services on PACS insurance products and services.
Works with Riverside Trustees Limited and First Light Estate Planning for estate planning services
1142/23Oct24