Private Banks for EAMs in Singapore: Custody Account Opening
Which custodian banks actively support external asset managers, how onboarding works, and how UBS, Julius Baer, Bank of Singapore and DBS compare.
An external asset manager (EAM) never holds client money — the assets sit at a custodian private bank in the client's own name, and the EAM trades them under a Limited Power of Attorney. So one of the first practical tasks in running an EAM is getting onboarded by banks that have a dedicated EAM / intermediaries desk. In Singapore the most active custodians for EAMs are UBS, Julius Baer, Bank of Singapore and DBS Private Bank. Several other global banks have scaled back their Asian EAM coverage, so the realistic shortlist is shorter than the full roster of private banks in the city.
This page explains how custody onboarding works in the tripartite EAM model, compares the leading EAM-friendly banks, and covers the typical minimums and document requirements.
How does an EAM open custody accounts?
Onboarding happens in two stages:
- Firm-level onboarding — the bank's EAM desk runs due diligence on the management company: MAS licensing or permissible-manager status, principals' fit-and-proper standing, compliance framework, AML/CFT and ownership. Once approved, the EAM is an accredited intermediary of that bank.
- Client-level account opening — each client opens an account in their own name at the bank and signs a Limited Power of Attorney appointing the EAM. The bank custodies, executes and reports; the EAM directs the strategy.
Because firm onboarding can take weeks to months, start it early — before you have signed clients waiting.
Which private banks support EAMs in Singapore?
This is the comparison most new EAMs want: who runs a genuine intermediaries desk, and how they differ. The four banks below are the practical core of the Singapore EAM custody market.
| Custodian | EAM desk | Strengths for EAMs | Typical positioning |
|---|---|---|---|
| UBS | Established global EAM / intermediaries desk | Deep product and lending platform, global reach, scale | Larger, internationally diversified EAMs |
| Julius Baer | Dedicated intermediaries franchise | Pure-play private bank, strong EAM service culture, open architecture | EAMs wanting a focused private-banking partner |
| Bank of Singapore | Active EAM coverage (OCBC's private bank) | Asian footprint, local relationships, growing intermediaries focus | Asia-centric EAMs and family books |
| DBS Private Bank | EAM / external manager coverage | Strong Singapore home-market platform, digital tools, lending | Singapore- and regional-focused EAMs |
Note that some large global names — including certain US and other international banks — have pulled back from or de-prioritised the Asian EAM segment, so do not assume every private bank with a Singapore office will custody EAM relationships. Confirm current appetite before you build a client plan around a specific bank.
What are the minimums and documents?
Per-client account minimums typically start around US$1–2 million and rise from there depending on the bank and the relationship. At the firm level expect to provide the management company's MAS licence or permissible-manager arrangement, corporate and ownership documents, principals' CVs and references, your compliance and AML manuals, and professional indemnity cover. Each client then completes standard account-opening KYC plus the LPOA.
One custodian or several?
Most established EAMs hold relationships with several custodians — to offer clients choice, diversify counterparty risk, and access different lending and product strengths — while managing everything under one strategy. The downside is operational: every new client means another account-opening and another set of statements to reconcile. As the book grows, many EAMs reach a point where running dozens of separate custody accounts becomes the bottleneck.
Opening custody accounts for your EAM?
We partner with MAS-licensed CMS fund managers who know the EAM desks. Tell us your plan and we'll connect you with the right partner.
Speak to a specialist →When does a VCC replace multiple custody accounts?
Once an EAM is managing many clients across multiple custody accounts, pooling them into a Singapore VCC structure — one umbrella with a ring-fenced sub-fund per client or strategy — cuts the operational drag and provides the 13O/13U tax incentives. The full case is in our playbook on launching an EAM VCC sub-fund platform, and families running their own structures should also read about family office setups.
Frequently asked questions
Which private banks work with EAMs in Singapore?
The most active EAM custodian banks in Singapore include UBS, Julius Baer, Bank of Singapore and DBS Private Bank, each with a dedicated EAM/intermediaries desk. Several global banks scaled back their Asian EAM coverage, so the practical shortlist is smaller than the full list of private banks operating here.
How does an EAM open a custody account at a private bank?
The EAM is first onboarded by the bank's EAM desk — passing due diligence on the firm, its principals and its MAS licensing. The client then opens an account in their own name at the bank and signs a Limited Power of Attorney appointing the EAM to manage it. The bank custodies and executes; the EAM directs the strategy.
What is the minimum to open an EAM custody account?
Minimums vary by bank but typically start around US$1–2 million per client relationship for a custody account placed through an EAM, with some banks setting higher thresholds. The EAM itself also needs to meet the bank's firm-level onboarding criteria before any client account can be opened.
Should an EAM use one custodian or several?
Many EAMs use multiple custodians to give clients choice, diversify counterparty risk and access different pricing, lending and product strengths — then manage all the accounts under one strategy. As the book grows, some consolidate clients into a VCC sub-fund platform instead of running many separate custody accounts.
VCC Singapore is an independent informational resource and is not a regulator, law firm or tax adviser. Bank participation in the EAM segment and account minimums change periodically — confirm current details with each bank before acting. This page is general information, not legal, tax or financial advice.