DBS Singapore is set to expand its wealth management division in Thailand, aiming to triple its assets under management (AUM) to THB300bn (USD8.9bn) within two years through its subsidiary, DBS Securities (Thailand). Edwin Tan, DBS’s market head for Thailand and the Philippines, revealed that the initiative aims to capitalise on the growing number of high net worth individuals in Thailand, which is expected to increase by 15% to over 1,000 by 2029. Currently, DBS manages 100 billion baht in AUM in Thailand. The expansion will focus on family businesses and entrepreneurs; addressing the imminent wealth transfer among Thailand’s ageing population, and their increasing interest in offshore investments and global market diversification.