DBS Private Bank targeting more than 50% assets in sustainable investments by 2023

SINGAPORE, March 19 (Reuters) - The private banking arm of Southeast Asia's largest bank DBS aims to expand its suite of sustainable investments to more than half of its assets under management by 2023.

DBS Private Bank will also work with its clients to adopt environmental, social and governance (ESG) standards in their investments, it said in a statement on Friday.

The private bank aims to have sustainable investments account for more than half of its assets under management by 2023, up from 41% currently, it said. The bank declined to provide a number for the total assets it manages.

The private banking business is part of the broader wealth management unit of DBS, one of the biggest wealth managers in Asia outside China.

DBS Wealth's assets at end-2020 were up 7% year on year to S$264 billion. Assets managed by the private bank at end-February were up 12% year on year.

Globally, ESG-themed investments are expanding rapidly, driven by rising demand from institutional and retail investors.

DBS Private Bank in 2021 plans to launch more than 10 products, including exchange-traded funds, mutual funds and private equity investments.

A global environment fund set to be launched this month will provide its clients diversified exposure to areas such as renewable energy. (Reporting by Anshuman Daga; editing by Jason Neely)