Offered by private banking, DPM is a tailored investment service in which a professional manager makes trading decisions on behalf of clients without requiring prior approval for each trade.
When news of the Covid-19 virus began to trickle in and some countries began imposing travel restrictions, Benny Lee and his colleagues at United Overseas Bank (UOB) swung into action. Recognising the significant market impact, they quickly helped clients cash out of their investments and raise cash levels to up to 50%. When worried clients called, Lee was able to assure them that their portfolios were very much intact. Instead of suffering grievous losses, they were able to take advantage when markets turned the other way.
Lee, head of discretionary portfolio management (DPM) at UOB Private Bank, and his colleagues were able to act quickly because they had a client mandate to make investment decisions based on a pre-agreed strategy and risk appetite. Coupled with investment monitoring, DPM relieves clients of the investment process, allowing them to focus on other aspects of their lives. “I like to introduce myself to the client as the person who helps them sleep very well at night, because we deliver peace of mind to them with their investments,” says Lee in an interview with The Edge Singapore.
