Capital inflows are benefiting the wealth management business, according to DBS chief.

DBS Group’s wealth management business is benefiting from capital inflows from across Asia, according to CEO Piyush Gupta. Speaking at a Reuters Newsmaker event in Singapore, Gupta expressed confidence in the future, stating that he expects net inflows to be “pretty robust.” He highlighted that wealth management is considered the best performing segment in the financial services sector and has the potential to support many participants. Gupta’s comments come in the aftermath of UBS Group’s emergency takeover of rival Credit Suisse.

Singapore has seen a significant influx of wealthy clients, attracted by the country’s status as a financial powerhouse and seeking stability amid global uncertainty, including geopolitical tensions between the US and China. The combination of global capital inflows and rising interest rates has resulted in increased profits for Singapore banks. DBS, the largest bank in Southeast Asia, has forecasted 2023 to be a record year, following a better-than-expected 48% rise in second-quarter profit.

The report was written by Scott Murdock and edited by Edwina Gibbs, adhering to Thomson Reuters Trust Principles. Yanthurtla Ngui, Reuters’ Southeast Asia trade correspondent, covers M&A and capital market transactions in the rapidly emerging startup investment, unicorn, and IPO destination of Singapore. Ngui previously worked for Bloomberg and the Wall Street Journal, with notable coverage of the financial scandal at Malaysia’s state-run fund 1MDB. He holds an MBA in Finance from the University of Putra, Malaysia, graduating in 2010.