UBS AG, Switzerland’s biggest bank, started storing gold for wealth-management clients at a facility in Singapore, citing interest from investors in the region even after the metal slumped into a bear market.
The leased vault in the Singapore Freeport is available for clients in the city-state and Hong Kong, according to Peter Kok, regional market manager for wealth management in Singapore and Malaysia. While bullion is heading for the first annual drop in 13 years, client interest persists, Kok said.
UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering gold-storage services in Asia, where China may surpass India as the largest user this year. Bullion fell to a 34-month low on June 28 in a rout that erased $66 billion from the value of investor holdings, and Goldman Sachs Group Inc. forecasts further declines. Gold has lost 25 percent this year.
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