Mr Lim said:"With Asia at the cusp of a significant intergenerational wealth transfer, we are committed to being our clients' partner of choice as we help to grow, manage and protect their family's assets and legacy over time.
Competition in Asia's wealth industry is intensifying alongside the growing ranks of millionaires in the region. That has sparked a labour shortage at private banks which is enabling experienced money managers to command pay rises of 30 per cent or more when they move to rival firms, Bloomberg reported last September.
However, DBS told Bloomberg in an interview last September that it is avoiding the"crazy rush" to hire private bankers. Instead, it would promote people internally and hire from other areas of the financial industry to boost its private-banking operations.
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