OCBC's private banking unit targets bigger slice of booming family offices business

[SINGAPORE] Bank of Singapore, the private banking arm of lender OCBC, plans to grab a bigger share of the fast-growing family office business by expanding its investment products and targeting clients outside the region, its chief executive officer said.

Its assets under management declined to US$104 billion in the year to March from US$108 billion a year ago due to the market downturn but assets of the segment catering to family offices, which manage the fortunes of the rich, rose 20 per cent. "The family office is a big segment, not only from China but also from the Middle East as well as other parts of the world," Bahren Shaari told Reuters in an interview.

Bank of Singapore, which was ranked No 6 in Asian Private Banker's league table last year, competes with UBS and Credit Suisse in providing family offices of rich Asians with services including investments and wealth transfer. Incentives offered by Singapore to set up such private investment vehicles has boosted demand for services by wealthy individuals in the Middle East and other places.

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