Swiss asset manager Palaedino Group has unveiled plans to open up a gold storage and management operation in Singapore, Reuters reports.

The venture, co-managed with Euroasia Investment, will be called Swiss Precious Metals and will target ultra-wealthy clients in the region who are seeking alternative channels to invest, the news service said. The gold will be stored in the high-security Singapore FreePort facility.

Affluent investors have been turning to the likes of gold after losing confidence in the banking system during the 2008 financial crisis, and also as loose monetary policy in the West has been causing inflation to rise.

"This double systematic and monetary risk spurred us to create solutions for our clients," Leonardo Castellana, president of Palaedino, was quoted as saying.

The gold will be sourced from Swiss refineries and will be numbered according to each individual client. Simultaneously launched with the facility is the SPM Gold Index, a practical application for Asian clients whose currency of reference extends beyond the US dollar.