As gold is increasingly becoming part of an investor’s portfolio and as prices climb to their highest level in seven weeks, Nomura International Wealth Management launches a new service.
Nomura International Wealth Management (IWM) unveiled a
Singapore-domiciled physical gold trading and custody service
yesterday for high net worth and ultra-high net worth
clients. The service is capitalising on increasing demand
for the yellow metal.
The service allows clients to buy, sell, and safeguard
physical precious metals within a secure, locally-vaulted
infrastructure, the wealth manager said in a statement.
Clients will gain access to large gold bars and kilobars, with
trading and custody services conducted within Singapore,
reflecting the firm’s commitment to the region. The gold bars,
around 400 troy ounces, are representative of the global
benchmark for international trade settlement, and the kilobars,
the preferred specification across Asian markets, the firm added.
“Gold has re-emerged as a cornerstone of wealth management, and
our clients deserve access to propositions that are world-class.
This is the first step in a broader strategic build-out that will
cement Nomura’s position as the partner of choice for our
customers,” said Akshay Prasad, head of investment products
and advisory solutions, Nomura International Wealth
Management.
Gold climbed above $4,250/oz for the first time since June,
breaking above its recent trading range of between $4,000/oz and
$4,100/oz. In line with a
number of investment managers, Arun Sai, senior multi-asset
strategist at Pictet Asset
Management, recently upgraded gold from neutral to overweight
as investor demand is strengthening and emerging market central
banks are continuing to increase reserves. He sees further
upside for the precious metal as real interest rates gradually
ease, eroding the opportunity cost of holding a non-yielding
asset.
The expansion underscores Nomura IWM”s commitment to developing
solutions for client needs, providing access using
Singapore’s stature as a global financial hub.