Mr. Tan, Asia is home to some of the world’s fastest-growing economies and wealth markets. Where do you see the most attractive opportunities for international investors today?

The traditional 60/40 portfolio—60 percent equities and 40 percent fixed income—is being rigorously tested today. We have observed heightened correlations between equities and fixed income, particularly in the US, over recent years. Consequently, Asia provides a highly compelling and viable source of genuine portfolio diversification. 

I am certainly not suggesting the 60/40 model is obsolete, but institutional and private investors must think more broadly about the underlying drivers of their returns. Beyond cyclical market movements, Asia’s expansion is anchored by robust structural fundamentals: young demographics, a burgeoning middle class, expanding enterprises, and sophisticated entrepreneurial wealth.

«Harnessing Asia’s growth: why a strategic partner is crucial.»

This momentum is underscored by capital flows; in 2025, cross-border wealth booked in Hong Kong rose 10.7% to USD 2.9 trillion, establishing it as the world’s leading cross-border wealth hub. Furthermore, the region features a deep universe of private assets—including private credit, private equity, and infrastructure—that offer international allocators unique access to high-conviction return drivers.

James Tan, Group Head of Investment Products and Advisory at DBS Private Bank. (Image: courtesy)

European investors often talk about Asia as if it were one market. That’s a mistake, isn’t it?

Quite right. Asia is an extraordinarily diverse and multifaceted region. Consider North Asia alone: Taiwan anchors a critical semiconductor and technology ecosystem, operating alongside the distinct markets of China and South Korea.

Their regulatory frameworks and economic priorities vary significantly. Indonesia, for instance, maintains distinct capital controls and currency regulations, whereas Hong Kong operates within a highly open, international financial framework. 

Successfully deploying capital in Asia therefore requires an experienced onshore partner with deep familiarity across local regulations, market structures, and jurisdictional nuances. Without this localized expertise, the region's complexity can present formidable hurdles. DBS is exceptionally positioned to act as that strategic gateway.

What differentiates you from international competitors?

Having a robust, boots-on-the-ground presence is paramount. We maintain dedicated local teams comprising investment, legal, and compliance specialists who possess intimate knowledge of regional regulators and market dynamics. This local infrastructure is continually reinforced by our group-wide research and advisory capabilities.

«The breadth of integrated execution is a distinct competitive advantage for DBS.»

Furthermore, our integrated 'One Bank' model seamlessly bridges private banking with corporate banking, investment banking, and capital-markets expertise. When entrepreneurial clients establish their base in Singapore, we are equipped to support their expansion across trade networks, facilitate regional corridors, and guide them toward sophisticated capital-raising transactions or public listings in Hong Kong and Singapore.

This breadth of integrated execution is a distinct competitive advantage for DBS.

Which structural investment trends do you expect to shape Asia over the next five to ten years?

The foremost trend is the imperative for genuine portfolio diversification. As the traditional assumption that fixed income will automatically hedge equity volatility is called into question, we see surging interest in sophisticated alternatives, including low-volatility, multi-strategy hedge fund approaches.

Asia possesses an exceptional caliber of managers in this domain, and our regional footprint grants clients access to exclusive strategies that are often out of reach for international allocators operating from afar.

Concurrently, artificial intelligence and advanced technology infrastructure remain structural centerpieces. While US public markets are well-represented in AI leaders, accessing Chinese and broader Asian technological innovation requires specialized on-the-ground insight.

«The traditional definition of a global safe haven is evolving.»

Through strategic collaborations—such as our technology access fund with Granite Asia—we provide clients with proprietary access to Asia’s evolving innovation ecosystems.

Exclusive access to opportunities with DBS’ strategic Asia partners is further complemented by our proprietary Chief Investment Officer (CIO) Barbell Strategy. This proven strategy has delivered a net 78.6% (9.0% annualized) since inception, outperforming over 900 Morningstar mutual funds by 33 percentage points.

Could Asia even become something of a new safe haven in an increasingly volatile world?

Singapore and Southeast Asia occupy a uniquely constructive geopolitical position. Singapore maintains balanced, robust relationships with both the United States and China, affording the city-state a trusted, neutral stance. At the same time, the traditional definition of a global safe haven is evolving. 

A decade ago, market dislocation prompted a straightforward reaction: an allocation into US Treasuries. Today, the calculus requires greater nuance.

As geopolitical complexities rise, we have observed periods where Treasury yields move in tandem with heightened risk, prompting sophisticated investors to evaluate whether US sovereign debt remains the sole optimal safe haven. Allocators increasingly require flexibility; for instance, Chinese government bonds have demonstrated notable resilience and attractive performance over recent years.

The overarching takeaway is that modern portfolio construction demands an agile multi-faceted approach rather than a single default assumption.

Where do digital assets fit into a modern portfolio?

We view digital assets through a dual lens. First, they represent a potential source of uncorrelated returns—an increasingly relevant consideration for clients navigating ongoing discussions around currency debasement and fiat diversification. Second, the underlying blockchain technology is revolutionizing asset tokenization, unlocking efficiencies and liquidity models previously unattainable in traditional finance.

«Tokenization fundamentally modernizes the asset-servicing lifecycle.»

For example, we will soon offer tokenized physical gold to our customers, a market-first initiative in Singapore. It not only allows investors to own digital tokens backed by physical holdings held securely by DBS in a dedicated vault, but also enables more customers to access and invest in this growing asset class through fractional ownership.

As a reflection of our industry leadership, DBS was named World’s Best Bank for Digital Assets in 2026 by Euromoney. Supported by our institutional exchange, DDEx—which recorded a fivefold surge in trading volumes in 2025 alongside 100% air-gapped, cold-storage custody—we offer an institutional-grade ecosystem that bridges digital innovation with rigorous private banking governance.

Private markets have become a major topic for wealthy clients. Where does Asia fit into this story?

It returns fundamentally to the pursuit of uncorrelated returns. Asian private markets provide an essential allocation sleeve for investors constructing truly diversified, resilient portfolios. 

Private credit is a prime example. At a time when international allocators grew increasingly cautious regarding US direct lending concentration, DBS successfully championed Asian private credit. 

More recently, our strategic partnership with Granite Asia expanded to include Libra Hybrid, their flagship pan-Asia private credit strategy, where we raised some USD70 million from our private banking clients. Between 2020 and 2025, our private-assets business grew fivefold as UHNW clients sought enhanced yield and income diversification beyond public markets.

 James Tan is Group Head of Investment Products and Advisory at DBS Private Bank.