DBS’s multi-family office VCC hits S$1b assets under management

They are aiming to hit S$2b in AUM by end-2026.

DBS Private Bank said that its multi-family office has achieved a record S$1b assets under management (AUM) just two years after launch.

Launched in 2023, DBS Multi Family Office Foundry VCC (DBS MFO) is touted as the world’s first bank-backed multi-family office. It has onboarded 25 ultra high net worth (UHNW) families globally since, Singapore’s largest bank by assets said in a press release on 23 September 2025.

The UHNW families onboarded include those who originally considered setting up their single family offices (SFO) in Singapore.

DBS said that they won these families over through “cost optimisation, manpower benefits, and the ease of administration” that DBS MFO offers.

Amongst services DBS MFO offers include a “plug-and-play” offering where DBS will set up a sub-fund for the family. The sub-fund automatically benefits from the VCC’s tax incentive award.

DBS will manage ongoing regulatory reporting requirements on the client’s behalf. Capital is held, and managed professionally, by the bank.

Clients only need to invest S$15m to qualify for DBS MFO. Clients are also not required to invest in DBS products.

As of September 2025, DBS said that it banks more than one-third of the SFOs established in Singapore, and that 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,” said Lee Woon Shiu, group head of wealth planning, Family Office & Insurance Solutions, DBS Private Bank.

DBS is on-track to double its AUM by end-2026, according to Lee.