Bank Of Singapore

Who we are

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Who we are

Asia's global private bank

Bank of Singapore is a wholly owned subsidiary of OCBC Bank, Southeast Asia’s second largest bank. Headquartered in Singapore, Bank of Singapore operates from a strong and open economy. We are one of the fastest growing private banks in Asia, offering a structured and consistent approach - an open architecture product platform with robust research capabilities to deliver a total risk-based solution customised to each client’s needs. As we are strategically positioned to serve our clients across the globe with our network of offices, they also enjoy access to our parent company’s full suite of investment and commercial banking solutions such as financing, insurance and brokerage services.

Our parent company, OCBC Bank

Formed in 1932 after the merger of three local banks, the oldest of which was founded in 1912, OCBC Bank is the longest established Singapore bank.
Recognised for its financial strength and stability, OCBC Bank is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks with an Aa1 credit rating from Moody’s.
It is also consistently ranked Asean’s strongest bank and among the world’s five strongest banks by Bloomberg Markets.

Proven leadership

At the heart of best practice and superb performance at Bank of Singapore is the high standard of competence and expertise of its management team. Underpinned by the core principles of prudence, diligence and excellence, the leaders have led in the development of successful business strategies across every network location and put in place a robust team.

Together, with the trust placed in us, we continue to build enduring relationships with our clients.

Credit solutions

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Credit solutions

As one of our clients, you can benefit from our portfolio leveraging as well as mortgage and personalised financing options to enhance returns or improve liquidity.

You will also have the choice of having the investment and commercial banking facilities of OCBC Bank – our parent company – open to you, for the financing of family businesses and new ventures.

Financing

Portfolio leveraging
Residential real estate financing
Insurance premium financing
Corporate finance3
Structured transactions

3Provided by OCBC Bank or via external parties

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Wealth planning

Our tailored wealth planning solutions provide enhanced strategies for your specific succession needs including catering to beneficiaries and assets located in different parts of the world and creating structures for charitable giving.

The preservation and transfer of wealth to the next generation are important by any measure. That is why we provide industry-leading services through our qualified wealth planners who will work with our wholly-owned subsidiary, BOS Trustee Limited, to assist you in protecting your family wealth and ensuring a smooth transfer to your future generations.

Estate planning

Our wealth planners undertake to know your asset profile by apprising themselves of your country of residence, business structure and situs of assets in addition to weighing your plans to preserve and transfer your wealth to those who are most important to you.
We will propose customised options– from a simple will to a trust or a private trust company – to give you a solution that secures your legacy, giving you peace of mind.

Family governance

Drawing on the specialist skills of external experts (lawyers, accountants, trustees and advisors on specific areas e.g. tax, immigration, philanthropy, etc.) combined with our extensive professional experience from planning for some of Asia’s wealthiest families – Bank of Singapore can help you draw up a robust governance blueprint and family constitution which take into account your family’s succession objectives and philanthropic goals.

Philanthropy advisory

We can help your family bond with a common vision for the continuity of its wealth, its values and its businesses. Whether you feel compelled to support worthy causes such as education, healthcare or social entrepreneurship, we can provide you with access to specialists who will assist you throughout the giving process – allowing you to achieve the greatest positive impact, while being in line with your values and resources.
Through forums and various programmes, we present platforms for collaborative philanthropy – creating networking opportunities to connect donors with key influencers, public charities and family enterprise leaders to share best practices and experiences.

Trust services

Trust administration4

Acting as trustee of Singapore, Jersey or other Proper law discretionary trusts
Acting as trustee of Jersey law purpose trusts and as administrator of private trust companies
Acting as trustee of charitable trusts
Through trust structures, BOS Trustee can hold

Bank accounts with Bank of Singapore and third party banks
Life insurance policies
Residential real estate
Commercial real estate
Pre IPO shares
Unlisted company shares5

4Provided by BOS Trustee Limited, a wholly owned subsidiary of Bank of Singapore

5Respective restrictions apply

Financial planning

By combining our credit solutions, life insurance2 and wealth planning strategies, we can help you improve liquidity, manage risk, invest more efficiently and secure other benefits for your estate so as to fulfil your family legacy expectations over the longer term.

2Provided by external parties / insurance brokers referred by the Bank

OCBC Bank solutions

Consumer banking
Corporate banking
Treasury
Transaction banking
Investment banking
Corporate finance3

3Provided by OCBC Bank or via external parties

Asset creation and preservation

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Wealth planning

Estate planning

Family governance

Philanthropy advisory

Trust services

Trust administration4

Acting as trustee of Singapore, Jersey or other Proper law discretionary trusts
Acting as trustee of Jersey law purpose trusts and as administrator of private trust companies
Acting as trustee of charitable trusts
Through trust structures, BOS Trustee can hold

Bank accounts with Bank of Singapore and third party banks
Life insurance policies
Residential real estate
Commercial real estate
Pre IPO shares
Unlisted company shares5

4Provided by BOS Trustee Limited, a wholly owned subsidiary of Bank of Singapore

5Respective restrictions apply

Financial planning

2Provided by external parties / insurance brokers referred by the Bank

OCBC Bank solutions

Consumer banking
Corporate banking
Treasury
Transaction banking
Investment banking
Corporate finance3

3Provided by OCBC Bank or via external parties

Our services

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Our services

Your journey begins with us knowing your unique priorities, needs and goals. According to your risk appetite and preferences, we may discuss and suggest bespoke solutions for your attention from our best-of-breed product selection based on independent tracking of a large array of funds, structured products and insurance options.

Your private banker, supported by our team of portfolio managers and trading specialists, is always at hand to help you make sound financial decisions. Insights from our investment strategy and research teams will help you stay abreast of global market movements.

Asset creation and preservation

Our long history of managing the wealth of entrepreneurial families has given us invaluable know-how to help you implement your investment goals, family governance frameworks and private trusts.

You can invest in a number of ways through our team of investment specialists; from fully discretionary to active advisory and even execution only. With the right plan for your investments and proper management of your assets, you can sustain your wealth within the family for generations to come.

Investment products

Cash and money markets
Investment grade bonds
High yield bonds
Equities
Foreign exchange
Derivatives
Structured products
Third party mutual funds
Hedge funds
Private equities

Investment services

Discretionary portfolio management1: cash, securities and funds
Advisory portfolio management1
Premium advisory services Premium equity, fixed income and foreign exchange advisory services1 along with direct dealing and 24-hour FX trading will be fully accessible for your utmost convenience

1Available only in respect of accounts booked in Singapore

Asset preservation

Estate planning
Financial planning
Life insurance2

2Provided by external parties / insurance brokers referred by the Bank

discretionary-portfolios-finding-favour-with-bank-of-singapore-clients

2020-02-19T13:49:00.000+08:00

Discretionary portfolios finding favour with Bank of Singapore clients

By The Business Times

Bank of Singapore is seeing a surge in interest from clients in discretionary portfolio management (DPM) - with a 40 per cent jump among its Singapore clients seeking out the service between 2016 and 2018.

The gains reflect in part clients' uncertainty about the market, as they turn over the investment reins to the private bank for more nimble tweaks in the vast universe of bonds and exchange-traded funds (ETFs), said its chief investment officer Rajeev De Mello in an interview with The Business Times.

In discretionary portfolio management, a manager oversees a portfolio based on the client's broad wealth management strategy, and is able to shift positions nimbly on the client's behalf. In some sense, the proportion of discretionary portfolios held by a private banking business can indicate how close it is to a true-bred wealth management model, as opposed to being a high-end brokerage.

The client typically pays a portfolio fee that is on top of underlying funds' annual management fees. Private banks seek to build recurring fee income via DPM as transactional revenue is volatile.

The assets managed under DPM by Bank of Singapore hit US$7.7 billion as at 2018, about 1.5 times that in 2016. The DPM assets represented 7.5 per cent of the bank's overall assets as at end of December last year. This penetration rate is up from 6.7 per cent in 2016, data from the private banking arm of OCBC showed.

As a comparison, private banks in Asia have discretionary portfolios that make up roughly between 5 and 10 per cent of all portfolios; in some independent Swiss private banks, the discretionary component is at least half.

Beyond the general skittishness in the markets, there is less familiarity from clients over fixed income portfolio, which drives them to seek out management from the bank in picking out a robust bond portfolio, said Mr De Mello.

The other area of interest is in investing in a basket of ETFs, where part of the conversation can include having the private bank look for similar US-equity ETFs to be bought in the UK rather than the US, saving Singapore clients 30 per cent in withholding tax on US-listed investments.

"Clients are more cautious, and they often start (a conversation) with, 'should we take profits'," added Mr De Mello on the broader investment climate.

But he pointed out that this period of rate cuts, amid modest growth, should prompt clients to take a more positive view on risks, with Bank of Singapore recommending longer term high-yield bonds from emerging markets, as well as equities out of the US and Asia ex-Japan.

With the Federal Reserve signalling a season of rate cuts ahead, Bank of Singapore expects a likely rate cut of 25 basis points (bps) in July, with another 25 bps cut likely in September, and possibly another 25 bps cut as early as December this year. The projection comes as such "insurance" rate cuts by the Fed have been around 75 bps in total, said Mr De Mello.

The rate cuts are deemed as "insurance", meaning that the Fed - which stands to manage inflationary pressures - is hedging against risks from uncertainties in the US economic outlook. Earlier this month, US Federal Reserve chairman Jerome Powell made no pushback against market expectations of a July rate cut during his congressional testimony.

"From a headline perspective, this will be the first rate cut in about 10 years, so it does have an additional symbolism to it," said Mr De Mello.

The rate cuts ahead come as the uncertainty around trade has weighed on business sentiment, crimping the growth outlook.

"The trade situation is unknown to us. We've lived in a time where generally, tariffs have come down, and it's all been about improving trade and improving globalisation. In the last 10 years, there's been a reversal. None of my economics professors told me that tariffs were a good thing," said Mr De Mello.

Inflation has remained under the Fed's target of 2 per cent, despite the US economy running at an unemployment rate of below 4 per cent, with economists typically eyeballing the correlation between employment and inflation.

To be clear, there are structural factors at play, in explaining the low inflation. Chiefly, technology has allowed services to be delivered more efficiently, while providing price transparency to consumers, said Mr De Mello.

Still, the uncertain climate for markets has brought into sharper focus the independence and credibility of central banks, as they fail to hit their inflation targets.

"Not that consumers like us want to see high inflation, but it just saps the credibility of the central banks, and us as investors, are saying...'we don't believe it'," said Mr De Mello. "Maybe they (central banks) are bending to political will."

*Discretionary Portfolio Management services are only available for accounts booked in Singapore.