Asian wealthy warm to discretionary portfolios

Discretionary portfolio management (DPM) is gaining popularity among wealthy clients, but it's not an easy sell nor is it a simple task hiring and keeping the people to do it, agreed heads of Southeast Asian private banks. They were speaking at a recent roundtable* hosted by AsianInvestor and BNY Mellon. The DPM and funds business of Singapore-based DBS Private Bank has grown more than threefold in the past three years, admittedly from a low base, said Lawrence Lua, head of Sout…