Bank of Singapore’s (BoS) assets under management (AUM) for its Singapore-focused discretionary portfolio management (DPM) doubled in 2025 thanks to strong demand from high-net-worth investors and family offices for Singapore equities. The mandates allocate between 40% and 95% to Singapore equities, with the remainder invested in Singapore dollar (SGD)-denominated bonds and cash.
DPM refers to a service where clients delegate their day-to-date portfolio management to the bank.
According to the private bank, investor appetite for Singapore-focused mandates grew as clients, particularly from China, Hong Kong, Malaysia and Singapore, sought to diversify and reduce concentration risks in US dollar (USD)-denominated portfolios. Investors also liked the “compelling dividend yields” and valuations of Singapore equities and the stability of the city-state’s economy, currency and capital markets.
The Straits Times Index’s (STI) total returns in 2025 came in at over 28%, said National Development Minister Chee Hong Tat at the 60th anniversary celebration of the benchmark index. Chee is also deputy chairman of the Monetary Authority of Singapore (MAS).
Overall, BoS’s DPM AUM rose by almost 20% y-o-y in 2025 with Singapore-centric mandates accounting for the strongest growth.
Jean Chia, BoS’s global chief investment officer, attributed the surge in interest in Singapore assets to the country’s “robust economy, strong governance and sound financial regulations”.
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“From a portfolio perspective, Singapore equities and bonds offer diversification and defensiveness during uncertain times. Exposure to the Singapore dollar also provides diversification against currency volatility,” she says, adding that the bank remains constructive on Singapore equities going into 2026, citing favourable risk-reward compared with most developed markets.
