In order to serve a wealthy clientele, Nomura Holdings' worldwide wealth management company is launching a branch in Dubai as part of its Middle East expansion.
Nomura claimed in a statement that the Monetary Authority of Singapore and the Dubai Financial Services Authority had given its in-principle approval for the establishment of its new wealth management relationship centre.
The Nomura Singapore operation, which already serves as the booking hub for its international wealth business for its target customers of Greater China, Southeast Asia, and Indian expatriates, will carry out the expansion. About 90 private bankers are currently working for the company in Singapore and Hong Kong.
Since investor confidence has been severely damaged by a global market sell-off over the past year, transaction fees and income at private banks around the world have fallen precipitously.
Nomura, a private bank that is not among the top 20 in Asia, has been increasing the number of its wealth advisers and broadening its product offerings under the leadership of seasoned private banker Ravi Raju, a Singaporean who joined the company in 2020.
Within the first 12 months, the Dubai branch hopes to have 5–10 relationship managers on staff.
Nomura claims to have opened a record 1,000 new client accounts since becoming the international wealth management unit in September 2020 and to have added more than $5.5 billion in net new money during that time.