Managing Your Assets
The discretionary management of funds is handled by the Bank's subsidiary, DBS Asset Management Ltd (DBSAM). DBSAM achieved a modest increase in assets under management in a challenging environment. It acquired Koeneman Capital Management, a Singapore-based investment advisory firm with a proprietary, quantitative modelling system which, when combined with DBSAM's existing research capabilities, provides new dimensions to our disciplined approach to investment management.
In an effort to provide further diversification of risks to investors, DBSAM launched the Shenton Global Advantage Fund in partnership with U.S. fund house Cowen Asset Management, to invest in international stocks with market capitalisation of up to US$1 billion. It also launched the Shenton Greater Europe Fund, a European equities fund with Scudder Kemper Investments as advisor. In addition, the Shenton Dynamic Bond Fund was re-launched in view of the more positive fixed income environment. Six unit trusts managed by DBSAM received much-sought-after Central Provident Fund's 'Approved Status' by the Government's independent investment consultants, William Mercer & Co. DBSAM bagged two awards in the 1998 Investment Fund Awards: one for the Shenton US Growth Fund, and the other, the Shenton Japan Growth Fund. This is the third year in a row that DBSAM has won the prestigious awards.
Self-Directed Investing DBS Securities Group (DBSS) continued to strengthen its sales and research capabilities and is now ranked as one of Asia's top 20 and Singapore's top ten stockbrokers according to Asiamoney, and among the top 20 in research on Hong Kong and Chinese companies in a Reuters survey. DBSS was the lead placement agent for the first issue of covered warrants based on the DBS 50 Index.
To position itself for the opening of the securities markets in China, DBSS acquired 'B' seat licences on the Shanghai and Shenzhen stock exchanges. DBSS also acquired a 49 percent stake in DBS Thai Danu Securities, a joint venture, which provides stockbroking and investment banking services in Thailand. DBSS' associate company in Malaysia, Hwang-DBS Securities, was the first local stockbroking firm permitted to operate a branch and to engage in corporate finance advisory activities.
Looking ahead, DBSS continues to position itself to meet the rapidly changing competitive landscape of the stockbroking business and further liberalisation in store for the industry as Singapore and Hong Kong de-mutualise their stock and futures exchanges.
