Bank Accounts

Amid rising interest from ultra-high net worth (UHNW) families around the world to set up family offices in Singapore, DBS Private Bank  has launched in end June 2023 the DBS Multi Family Office Foundry VCC (DBS MFO), the world’s first bank-backed multi family office that leverages Singapore's Variable Capital Company (VCC)  structure.  This new platform is established as an umbrella VCC, with multiple underlying sub-funds that clients can use to manage their assets.   It offers an alternative option for affluent families to manage their wealth in Singapore, without having to establish their own Single Family Office (SFO).

Through DBS MFO, clients will be able to access a full suite of investment services - from investment management, trade execution, to custody solutions - via a single integrated platform.  Clients can elect to either have their sub-fund professionally managed by the DBS Discretionary Portfolio Management (DPM) team, or by a family member/ an investment adviser of their choice.

Benefits of investing through DBS MFO include:

• Ease of execution, given its integrated service model that provides a full suite of investment services, eliminating the need to separately work with other financial institutions on fulfilment;
• Tax exemptions on specified income derived from designated investments;
• Cost savings through shared resources and expenses across multiple sub-funds;
• A ‘lower’ barrier of entry for some clients who are not yet ready to set up an Single Family Office (SFO);
• Peace of mind, as capital is held and managed professionally by DBS, thereby maintaining the highest standard of governance and oversight.

It is an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets there.

There are around 1100 SFOs in mid July 2023.   DBS Singapore has around 240 SFOs. 

Whatsapp : (852) 6499 4686

Phone : (852) 2186 6936

Email : info@intershores.hk

Disclaimer:

Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use.  In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.