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DBS Bank to expand wealth management unit in UK

DBS Bank is intending to make use of a new UK license to increase the size of its tiny London wealth management operation. The bank wants to make use of the opportunity created by Brexit where the UK is described as a destination for rich Asian investors. The bank had recently obtained a UK securities license. It is now planning to increase its staff strength in London. According to Tan Su Shan, head of wealth management at DBS, it is cheaper to get talent and set up base in London and the country offer long term prospects. The London base, which was created with three relationship managers in the immediate aftermath of last June’s Brexit vote, originally provided a global service for Asian private wealth clients, including concierge services such as arranging healthcare and accommodation. The bank aims to add more relationship managers in London this year and double the headcount again next year.

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