DBS appoints head of UK Wealth Management division
(13 July 2016 – Singapore) DBS Bank has announced that Jeremy Parlons will lead its UK Market Wealth Management division.
According to a statement provided by the bank, Parlons will be heading up a new wealth management office, based in London, which will serve ultra high net worth (UHNW) clients and family offices who are looking to Asia for an edge to both their business and investment needs.
DBS Bank’s Group Head of Consumer Banking & Wealth Management, Tan Su Shan said: “Our strong corporate and commercial banking franchise in Asia allows us to provide our clients with regional connectivity and understanding of all our major Asian markets.
“Our expansion into the UK makes us an attractive option for clients who are looking at Asia as an investment destination, coupled with our in-depth bank-wide expertise, and heritage and reputation as Asia’s safest bank,” he added.
According to the statement, the DBS’ wealth management franchise has grown by around 20 percent annually since 2010, driven by “organic growth of emerging Asian new wealth” and its acquisition strategy, which includes that of Société Générale Private Banking Asia in 2014
As of March 2016, DBS’ high net worth assets under management (HNWIs with more than SGD1.5 million (A$1.46 million) each in investible assets) and assets under management for all wealth customers stood at SGD101 billion and SGD147 billion respectively.
He has spent the last four years building RBC Wealth Management London’s exposure to UHNW and Family Office clients as well as working on several cross-banking client transactions and collaboration committees. Prior to this he spent nine years with Credit Suisse Private Banking (London) where he achieved several “One Bank” awards for his client work with Investment Banking and Asset Management divisions.
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