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.