DBS Says Rich Asians Are Hoarding Cash for Post-Virus Deals
- Clients are looking at financial assets, e-commerce, logistics
- Bank aims to boost Thai wealth assets to S$8 billion by 2023
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Asia’s wealthy are readying cash to take advantage of opportunities in financial markets and private equity once the impact of the coronavirus pandemic subsides, according to the head of private banking at Southeast Asia’s largest lender.
Clients have increased cash holdings to about 40% of their portfolios in recent months, up from about 30% before the pandemic, Joseph Poon, who leads DBS Group Holdings Ltd.’s private bank, said in an interview this week. While the unit doesn’t disclose assets under management, it’s part of DBS’s S$251 billion ($184 billion) wider wealth platform, which is among the largest in Asia.