Mr. von Wedel, why is DBS placing greater emphasis on external asset managers and family offices in Europe?

We already have an established external asset manager business in Singapore and Hong Kong.

However, when you look at the global market, Switzerland remains one of the most important hubs for independent asset managers anywhere in the world. There is a long-standing tradition of external asset managers there. Some already have offices in Singapore or Hong Kong, but many do not.

«For many wealthy families, Asia has become a critical pillar of their long-term growth agenda.»

At the same time, we are seeing a shift in the priorities of ultra-high-net-worth clients and entrepreneurial families. This is no longer simply about diversification.

For many wealthy families, Asia has become a critical pillar of their long-term growth agenda. The region accounts for a significant share of global economic growth, is home to some of the world’s most dynamic capital markets, and continues to create wealth at an unprecedented pace.

For European asset managers, the question is no longer whether their clients should have exposure to Asia, but how they can provide meaningful and efficient access to the opportunities the region offers.

What does that solution look like in practice?

A Swiss external asset manager can continue to advise clients from Switzerland and manage their assets. At the same time, DBS provides the booking and custody platform in Singapore.

This gives clients access to one of the world’s leading wealth management hubs while maintaining their existing relationship with their trusted adviser.

«Clients can participate in the opportunities emerging across the region while continuing to work with the adviser they know and trust.»

Singapore has established itself as one of the world’s premier wealth centers. Today, it serves as the preferred gateway into Asia for many entrepreneurs, family offices and ultra-high-net-worth families.

Clients can participate in the opportunities emerging across the region while continuing to work with the adviser they know and trust. For the asset manager, the arrangement is equally attractive because it allows them to diversify banking relationships while expanding the range of services available to their clients.

So DBS is not looking to take over the client relationship?

No. Our model is built around respecting and preserving the external asset manager’s client relationship.

We provide the infrastructure, platform and capabilities. The EAM remains the client’s adviser and portfolio manager.

To support that model, we have dedicated teams and specialized technology. EAMs can operate with their own trading desks while accessing our wealth management platform and investment capabilities.

What is the added value compared with a traditional custody arrangement?

The key differentiator is our One Bank proposition. Many private banking clients are entrepreneurs or business owners. Their personal and business ambitions are often closely connected.

That is why DBS brings together private banking, commercial banking, investment banking and wealth planning on a single platform and touch-point through our One Bank approach. 

Take the example of a German industrial entrepreneur whose wealth is managed by a Swiss EAM and who wants to establish a manufacturing facility in Vietnam.

Through DBS, the EAM can provide access not only to wealth management solutions but also to financing, capital markets expertise, M&A advisory capabilities and succession planning specialists.

We can support clients with financing, help assess local partners, conduct due diligence and facilitate market entry. That creates a level of value that goes far beyond a traditional custody relationship.

Does that make DBS a bridge and gateway into Asia?

Exactly. These are capabilities we already have as a bank.

For decades, DBS has supported entrepreneurs, families and corporations across Asia’s key markets. As Southeast Asia’s largest bank, we have deep local knowledge and long-standing relationships across the region. That expertise is difficult to replicate from outside Asia.

The advantage for an EAM is that, through a single relationship with DBS, they can access these capabilities quickly and efficiently. In turn, that enhances the value proposition they can offer their own clients.

Why is this particularly relevant for Swiss asset managers?

Because their clients are becoming increasingly global. An entrepreneur today may require not only wealth management services, but also support with investments, financing, expansion plans and business opportunities in Asia.

An independent asset manager cannot realistically provide all of these services in-house.

F«or many ultra-high-net-worth families, resilience and longevity have become just as important as performance.»

Through a platform such as DBS, however, they can give clients access to these capabilities while remaining at the center of the relationship. At the same time, they position themselves as trusted advisers across a much broader spectrum of client needs.

How does the partnership work operationally?

The external asset manager enters into an agreement with DBS. We have a dedicated team serving this client segment. The EAM brings clients onto our platform and continues to manage the relationship directly.

They gain access to our infrastructure, trading capabilities, wealth management solutions and specialist expertise.

For European EAMs, we also have dedicated professionals who understand their markets and regularly travel to Europe.

Many entrepreneurial families seem increasingly focused on wealth preservation rather than pure wealth maximisation. Are you seeing the same trend?

Absolutely. For many years, the focus was largely on generating returns from wealth. Today, families are placing greater emphasis on protecting wealth, preserving businesses and ensuring long-term resilience across generations.

Geopolitical tensions, shifting trade flows and a more fragmented global economy have heightened awareness of these issues. As a result, conversations increasingly extend beyond portfolio returns. They encompass succession planning, governance structures, business continuity and geographic positioning.

For many ultra-high-net-worth families, resilience and longevity have become just as important as performance.

Private markets have become a major investment theme. What role do they play in this partnership?

A very significant one. In Asia, access to private markets can be more challenging than in Europe or the United States.

For an investor sitting in Switzerland, assessing a private credit opportunity or private equity investment in a fast-growing Asian market is not always straightforward.

We, on the other hand, have direct access. We finance companies, work closely with private equity firms and see opportunities as they emerge.

«Accessing private markets in Asia can be challenging from Europe. We have direct access.»

Asia offers exceptional opportunities in this area. The region combines strong economic growth, rising capital demand and increasingly sophisticated private capital markets.

Many of these opportunities remain difficult to access without local presence and local knowledge.

Do you expect the private markets boom to continue?

Yes, I do. Asia continues to generate substantial new wealth while simultaneously requiring significant amounts of growth capital.

That creates powerful structural drivers on both the investment and financing sides. Investors are also increasingly seeking opportunities beyond public markets and are willing to accept longer investment horizons in exchange for illiquidity premiums.

We therefore continue to see significant long-term potential.

What does this mean for Swiss EAMs and family offices over the long run?

In my view, they will need increasingly direct access to Asia. This is not simply about buying Asian equities or regional funds. It is about accessing local networks, private markets, corporate financing opportunities, business ecosystems and one of the world’s most important growth regions for the coming decades.

Singapore plays a central role in this equation. It has established itself as one of the world’s leading wealth hubs, connecting capital, entrepreneurs and investment opportunities across East and West.

DBS is uniquely positioned in that environment. We combine deep on-the-ground Asian expertise with a strong understanding of international clients and cross-border wealth needs.

For Swiss EAMs and family offices, that means access to insights, opportunities and capabilities that can be difficult to source from Europe alone. That is precisely where we see our role as a long-term partner.

Rüdiger von Wedel is Managing Director at DBS Bank in Singapur.