Family Offices
DBS multi-family office tops US$780m AUM
DBS Private Bank said on Tuesday its multi-family office platform has amassed more than S$1 billion (US$780 million, A$1.18 billion) in assets under management just two years after launch, with plans to double that figure to S$2 billion by the end of 2026. The platform, DBS Multi Family Office Foundry VCC (DBS MFO), reflects Singapore’s rising status as a global hub for family wealth at a time of heightened economic uncertainty and volatile markets. Family offices are private investment entities established by the ultra-rich to manage wealth, tax planning and succession. Multi-family offices provide similar services to multiple families, pooling resources under one structure. DBS MFO allows wealthy families to set up Singapore-based investment vehicles without building single-family offices from scratch. The bank manages administration while clients retain control of their investment strategies. “In the last nine months, we've seen more things happen than maybe the last nine years,” Lee Woon Shiu, Group Head of Wealth Planning, Family Office and Insurance Solutions at DBS Private Bank told Reuters. “This really heightened sense of insecurity that's triggered by this state of flux, this state of uncertainty, this sta
Family offices holding assets steady in 2025: Citi
Family offices largely held their asset allocations steady in 2025 amid an uncertain economy and United States tariffs, according to a Citi Wealth survey. Half of respondents did not shift their fixed income holdings, up from 38% in 2024. Respondents in private equity were the most likely to have increased their allocations, with a net rate of 26% doing so, though this fell from 30% last year. “More family offices held their strategic allocations to individual asset classes steady overall compared to last year. Of those that did make changes, bullish shifts outnumbered bearish ones, particularly in private equity followed by fixed income and public equity,” wrote Citi Wealth. “In response to the tariff-induced market volatility in early 2025, many family offices responded with active management, including shifts to more defensive asset classes and geographies.” Family offices with over US$500 million in assets under management were more likely to increase their allocations across asset classes, except for fixed income. Around 63% of family offices reported adjusting their strategies after the U.S. announced wide-ranging tariffs in April. According to the survey, 39% said they took an active management approach, w
Goldman Sachs targets Australia's ultra-wealthy families
Goldman Sachs Group wants to expand its private wealth operations in Australia, targeting families with at least A$100 million sitting in investable assets - the ultra-high-net-worth elite who've made serious money and want serious returns. The bank currently runs a lean operation - just 13 people across Sydney and Melbourne, with eight advisers handling the heavy lifting. "We are absolutely looking to grow," Jean-Paul Churchouse, Goldman's head of private wealth management for Southeast Asia and Australia, told Bloomberg. "We are looking to hire, but it's really about finding the right people rather than hitting a target."Wealth explosion Aussie tech giants such as Canva and Atlassian have minted a new generation of entrepreneurs like Mike Cannon-Brookes, while mining sector heavyweight Gina Rinehart and Andrew Forrest continue to trickle down their wealth by virtue of their exponential growth. Goldman spotted this trend four years ago - that's when it established its Australian private wealth division. It was the only new private wealth team launched in the entire Asia-Pacific region during that period. "We've seen huge growth in family offices," Churchouse said. "Once families generate meaningful wealth, they're