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DBS Group to expand London wealth management ops

DBS Group Holdings Ltd. plans to use its recently obtained U.K. securities license to expand the size of its wealth management operations in London, the Financial Times reported April 9.

The Singapore-based banking group recently received a U.K. securities license and now plans to add staff in London as part of growth plans centered on the Greater China market, said Tan Su Shan, head of wealth management at DBS Group.

The company aims to add three more relationship managers to its London operations in 2017 and then double its headcount in 2018.

The planned moves come as DBS Group's London base shifts its focus to managing money in the U.K. The group's London operations originally provided global services for Asian private wealth clients, including concierge services such as arranging healthcare and accommodation.

Despite the Brexit vote in June 2016, which some have warned would lead to tens of thousands of job cuts in London as global banks are forced to move operations to the EU, Tan said she believed in London's long-term prospects.

"Sterling getting cheaper has been an attractive draw to the Asian investor, and with Brexit, the U.K. may reach out to Asia more as a trading partner," Tan added.