DBS ramps up offerings to high net worth clients

From Todayonline:

DBS ramps up offerings to high net worth clients
10:30 PM Apr 26, 2011
SINGAPORE - As part of its strategy to grow its assets under management from US$35 billion (S$43 billion) to US$50 billion in the next three years, DBS is ramping up its offerings to the high net-worth segment through a new wealth management platform.

Called Treasures Private Client, the platform is a one-stop shop of private banking and consumer banking solutions to give clients access to everyday transactional banking, along with investment offerings.

Analysts estimate that the number of high net worth individuals, with upwards of US$1 million of investable assets, is set to grow by 40 per cent in Asia in the next three years. Wealth amassed by such individuals in Asia is seen growing by US$80 billion in the same period.

Ms Pearlyn Phau, managing director and regional head, DBS Treasures, said, "We will roll Treasures Private Client out to Singapore and Hong Kong as these are the two key markets. We will roll it out to the rest of our key markets in due course."

"In terms of the growth of our customers in the US$1 million to US$3 million wealth bands, we see exponential growth in the next three years. So this will be the target market we're looking at," she said.

DBS also said that the new platform will have a team of 200 staffers, of which 30 to 40 per cent will be new hires.

Hmm... is it just me or is this new DBS CEO trying to mimic his previous employer? Even the name and the criteria is exactly the same. Just like their adding of 'specialists' and 'consultants' to the investment team. Similarly, can't even be bothered to change a title.

Let me guess what next. Instant credit card issuance? hmmm...

Sure makes the job look easy.