Gold Bullion International, the precious metals provider to individual investors and wealth managers, has named Andy Provencher as head of business development.

Provencher joins GBI after serving as head of third party distribution and member of the operating committee for Neuberger Berman, where he oversaw the creation and growth of the firm's separately managed account business. In a statement, Provencher was recognized for having won several awards at Neuberger not only for himself but also for the marketing campaigns he led. 

At GBI, Provencher will be tasked to lead expansion efforts across all key intermediary distribution platforms, including wealth management, RIA, private bank, insurance and retirement. He will also be responsible for identifying and developing additional opportunities outside the US.

Gold Bullion acquires precious metals from dealers approved by the London Bullion Market Association on behalf of clients and stores these in protected and insured vaults in New York, Salt Lake City, London and Zurich, as stated in its website. Investors own the actual physical metal in an allocated private account and receive daily holdings and valuations reports from an independent accounting firm. 

The appointment comes at a positive time for gold, which has risen around 20 per cent this year on the Commodity Exchange division of the New York Mercantile Exchange, even hitting a record $1,923.70 per ounce in September. In a survey recently conducted by Bloomberg, gold traders said the metal is expected to be in stronger demand in the coming weeks with more investors trying to protect their wealth from the continuing debt crisis in Europe.