DBS Group aims to expand the assets under management (AUM) across its retail and wealth divisions to over $1 trillion by 2030.
The group’s retail and wealth assets reached $641 billion in the first quarter of the year, rising from $632 billion at the end of 2025 and nearly tripling the $224 billion reported in 2015. Speaking at a media roundtable, Tse Koon Shee, DBS Group’s head of consumer banking and wealth management, noted that the bank is set to beat its 2027 target of $500 billion in AUM more than a year ahead of schedule. He emphasized that the bank views its wealth business through a broader lens, focusing not only on AUM growth but also on helping clients actively deploy and diversify those assets while offering strategic planning advice.
The bank credited a portion of its recent wealth expansion to investments in generative and agentic artificial intelligence (AI). According to DBS, AI-driven screening and client profiling drove an approximate 20% year-on-year increase in high-net-worth and ultra-high-net-worth clients as of May. Additionally, AI-powered personalized advisory services and streamlined client onboarding contributed to a roughly 30% surge in clients maintaining diversified investment portfolios.
DBS also reported that large language models and AI agents have boosted relationship managers’ face-to-face client time by about 10%, with that figure projected to double by 2027.
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