Compliance
Nomura Expands Wealth Management Footprint To Middle East
The decision by the international group to set up in the Gulf highlights how important this region now is as a wealth hub.
Nomura is opening a
branch of its Singapore-based business in the Dubai International
Financial Centre, highlighting how international firms are
targeting the Gulf market.
The Japanese group said in a statement yesterday that its Nomura
Singapore Limited business has won in-principle approvals from
the Monetary Authority of Singapore and Dubai Financial Services
Authority to establish this wealth management relationship centre
in the Middle East and start operations on receipt of the DFSA
license.
The move marks the group’s efforts to broaden its coverage of
ultra-high net worth clients in its target markets of Greater
China, Southeast Asia, the Middle East and the global
Non-Resident Indians segment. They are currently served by about
90 private bankers based in Singapore and Hong Kong.
“Dubai has long established its importance in the Middle East,
Indian sub-continent and Africa for entrepreneurs and families as
a base to grow their international presence from. We welcome the
chance to be a part of this exciting growth opportunity to offer
our international wealth management and one-bank solutions
to clients via our robust Singapore platform,” said Ravi Raju,
head of international wealth management, Nomura.
Since Nomura’s ex-Japan wealth management business was
repositioned as International Wealth Management in September
2020, it has opened 1,000 new client accounts and added more than
$5.5 billion in net new money.
“We hope to bring our leading institutional product suite
including structured solutions to meet the sophisticated needs of
entrepreneurs and ultra-high net worth clients in the Middle
East. This new branch at DIFC will act as a springboard for the
franchise to become a platform of choice for high net worth
clients globally,” Rig Karkhanis, deputy head of global markets
and head of global markets, Asia ex-Japan, said.
This news service continues to expand its Gulf region coverage.
See here for our recent MENA region awards results.
