The solution leverages Bank of Singapore’s expertise in discretionary and advisory portfolio management and enables ultra-high net worth individuals to qualify for tax exemptions
Bank of Singapore today announced the launch of the Bank of Singapore Family Office Catalyst, a new solution tailored for ultra-high net worth individuals (UHNWI) seeking professional wealth management in Singapore. This solution provides principal advantages traditionally associated with a single-family office (SFO) — access to specialised investment expertise and eligibility for tax exemptions — without the need to establish and manage a dedicated SFO.
Through this solution, Bank of Singapore will be appointed as the fund manager of the UHNWI’s investment vehicle that can qualify for tax exemptions under Sections 13O and 13U of the Income Tax Act 1947, similar to those available to SFOs, subject to the fulfilment of the schemes’ conditions. The funds in the investment vehicle, with at least US$20 million assets under management, will be professionally managed by the Bank either through discretionary portfolio management (DPM) or advisory portfolio management (APM).
The launch of the Bank of Singapore Family Office Catalyst is timely given that challenges faced by family offices have become more profound. According to a 2024 McKinsey report, rising operational costs and the need to have access to technology-enabled platforms were cited as among the top five challenges that family offices in Asia Pacific face.
Bank of Singapore’s discretionary and advisory portfolio management teams have stellar track records and deep expertise in portfolio construction and investment management, with a distinctive edge in Asian markets and multi-asset portfolios. As of June 2025, the Bank’s Asia equity portfolio delivered a 14.2% year-to-date return, while its Singapore equity portfolio posted 12.6% gains. Over the last five years, annualised returns reached 12.7% for its Singapore equity portfolio, outperforming reference indices. The Bank’s ESG mandate, a flagship offering introduced in 2023, achieved more than 20% annualised returns in the two years it was launched. On average, the portfolio managers in these teams have more than 15 years of experience.
Investment management strategies offered by the portfolio management teams can be highly bespoke and tailored to each investor’s circumstances, risk appetites and goals. They will incorporate the Bank’s newly launched strategic asset allocation framework, designed to help clients build resilient, long-term investment portfolios that can withstand market uncertainties and deliver more stable returns.
The UHNWIs will also have access to Bank of Singapore’s full suite of resources and expertise to grow their wealth and secure their legacies holistically. These include wealth planning and trust services. They will have the flexibility to transition to a SFO structure subsequently if they wish to do so.
The UHNWI segment is a strategic focus of Bank of Singapore. In 2024, assets under management in this segment recorded a double-digit year-on-year growth. Clients in this segment have a net worth of US$250 million and above.
Mr Lim Leong Guan (林良源), Global Head of Financial Intermediaries, Family Office and Wealth Advisory, Bank of Singapore (金融机构业务、家族办公室及财富咨询部环球总监, 新加坡银行) said: “Ultra-high net worth individuals continue to be keen to professionalise the management of their wealth, and many are exploring alternative options to single-family offices. Concerns around high operating costs and the challenge of attracting suitable investment talent amid intense competition, are prompting them to consider more efficient solutions.
“Our Family Office Catalyst solution addresses these issues by allowing these individuals to tap into the deep expertise of our portfolio management teams to manage their assets and still qualify for tax incentives, supplemented by the Bank’s comprehensive wealth management ecosystem. We believe this presents a cost-efficient and holistic alternative solution to setting up their own SFOs.”
