Singapore’s DBS chief backs London as it opens new HNW office

The chief executive of Singapore’s DBS Bank has publicly backed London as a global financial centre, as it is opens a new wealth management office in the UK’s capital.  

Singapore’s largest bank said that it is to open a dedicated London wealth management office, which will serve ultra high net worth clients and family offices looking to conduct business and investments in Asia.

In a speech to bankers last week in Singapore, DBS chief executive Piyush Gupta robustly defended London as a key financial centre, despite the recent Brexit vote and collapse of the British currency. In his speech to around 650 people, as reported by Asian financial website Fines.Asia, Gupta said that he believed that London’s long term future standing as the main financial hub in Europe and as one of the key global banking centres, is secure.

DBS’s public backing of London follows on from last week’s high-profile move by UK chancellor George Osborne who, as reported here, published a letter signed by major international investment houses and banks, supporting the UK’s capital.

Wealth management head appointed

The new London headquarters will be headed by Jeremy Parlons who joins the firm from as its new UK market wealth management head from UK-based RBC Wealth Management.

Parlons specialises in managing wealth for the ultra high net worth (UHNW) community and has almost 20 years banking experience, offering both traditional services and bespoke solutions to many prominent individuals, family offices and investment boutiques.

He spent the last four years building RBC Wealth Management London’s exposure to UHNW and family office clients. Prior to this he spent nine years with Credit Suisse Private Banking in London.

“Our expansion into the UK makes us an attractive option for clients who are looking at Asia as an investment destination,” said Tan Su Shan, group head of consumer banking & wealth management at DBS Bank.

Recent London office openings

DBS’s private banking opening follows on from a series of recent London office openings in this lucrative investment arena, although these were mainly pre-Brexit announcements.

Dubai-based GWM Group and global financial firm Meyado opened new offices earlier this year, with Intesa Sanpaolo also opening a new London-based private bank, last December.

And just a few days before the decision to leave the EU was voted for by the UK public, French financial giant SocGen was also reported to have significantly expanded its London-based headquarters.

As reported today here, London also scores highly in Knight Frank’s Global Lifestyle Review 2016. The Knight Frank report says, ranks London as No. 2 in its “the best place to live for an entrepreneur” category, behind Hong Kong at No.1. London also scores highly aat No.6, behind Luxembourg at No.1in the list for best lifestyle destination for families.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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