NYSE-listed global wealth manager and brokerage firm Charles Schwab on Wednesday said it would open its Singapore office.
The move aims to empower Singapore and the broader Asian investors whose investment portfolios are underexposed to the US market due to high transaction fees, by improving access through its proprietary tools and research, quality service and competitive pricing, the company said in a statement.
Charles Schwab Singapore Pte. Ltd., a unit of U.S.-nased Charles Schwab Corp. said the official launch of the office will be held on November 9.
Charles Schwab handles more than 10.6 million active brokerage accounts and U.S.$3.18 trillion in client assets globally as of September 30.
"Singapore investors are sophisticated but are often underexposed to the US market due to high transaction fees. The U.S. is the largest, most liquid market in the world, and it gives you access to the some of the largest global companies across every industry sector," Managing Director, Charles Schwab Singapore, Greg Baker said.
"But, too often we find that investors do not sufficiently diversify their investments and their exposure to international markets is predominantly through foreign exchange (forex)."
The launch in Singapore aims to improve investor access to the U.S. markets, which have been hindered by high transaction fees as well as the perception of distance and unfamiliarity, the company said.