- First successful redemption of fund units as physical gold bars (instead of cash) demonstrates the operational viability of in-kind redemption for Singapore's first locally vaulted physical gold fund.
- Transaction provides eligible investors with a pathway from regulated fund ownership to physical bullion delivery.
- Milestone supports Singapore's ambition to strengthen its position as a regional and global gold hub.
Singapore, 12 October 2026 – Lion Global Investors announced the successful completion of the first physical gold in-kind redemption under the LionGlobal Singapore Physical Gold Fund, marking a key milestone for Singapore's physical gold investment ecosystem.
The transaction saw a unitholder redeem units in the LionGlobal Singapore Physical Gold Fund for physical gold bars held in secure vault storage Le Freeport in Changi and safeguarded by Standard Chartered in its role as custodian. It is the first redemption of its kind under Singapore's first homegrown physical gold fund whose allocated gold is insured and vaulted locally.
The milestone demonstrates how investors can access physical gold through a regulated fund structure while retaining the option, subject to applicable terms and requirements, to take delivery of the underlying bullion. It also highlights Singapore's growing capabilities across wealth management, precious metals trading and physical bullion infrastructure.
"This is an important milestone for us and, more broadly, for the evolution of gold investing in Singapore," said Teo Joo Wah, Chief Executive Officer of Lion Global Investors.
"When we launched the fund, we set out to make physical gold ownership more accessible through a professionally managed fund structure backed by insured gold bars stored in Singapore. This successful in-kind redemption brings that proposition to life, demonstrating a seamless path from fund to physical gold ownership and reinforcing our commitment to broadening access to fine gold sourced from LBMA Good Delivery refiners,” he added.
The LionGlobal Singapore Physical Gold Fund was launched in December 2025 and is Singapore's first unit trust backed by physical gold that is insured and securely vaulted in Singapore. The fund invests in LBMA-accredited gold bars of at least 99.5% purity and seeks to track the LBMA Gold Price* AM.
A Seamless Path from Investment to Physical Ownership
As part of the in-kind redemption process, allocated gold bars were released from secure vault storage at Le Freeport and transferred to the unitholder following the completion of the necessary verification and settlement procedures.
François Verlaine, Regional Head, Securities Services, ASEAN and South Asia, Standard Chartered said, “The successful completion of this transaction demonstrates the strength of the infrastructure supporting physical gold ownership through a regulated fund structure. As custodian, we are pleased to support the fund with the safeguards and operational controls that underpin investor confidence. This milestone also underscores the importance of strong execution across the entire value chain, from custody and administration to the fulfilment of physical gold delivery. It highlights how Singapore's financial and precious metals ecosystem can come together to support innovation and investor choice. We are pleased to contribute through our custody, fund services and precious metals capabilities."
The unitholder who completed the in-kind redemption cited the convenience of investing in physical gold through a fund structure while retaining the flexibility to receive physical bullion when desired.
"I was attracted by the ability to invest in physical gold without having to queue, arrange the purchase, transportation and storage myself. Having the option to receive physical gold adds another dimension of ownership and flexibility. Receiving the gold bars made the investment feel tangible in a way that traditional financial assets often do not."
In-kind Redemption Feature
Under the fund's in-kind redemption feature, eligible investors may request to redeem units for physical gold bars instead of cash proceeds, subject to the fund's terms, distributor requirements and minimum redemption thresholds.
Following the successful completion of this inaugural in-kind redemption, Lion Global Investors is engaging a number of industry partners to broaden access to the in-kind redemption feature and further simplify the process for investors. These initiatives are aimed at creating a more seamless end-to-end client experience, while leveraging Singapore's growing capabilities in custody, vaulting and precious metals infrastructure. The enhancements are expected to be rolled out progressively over the coming months, supporting investor demand for greater flexibility in how they access and hold physical gold.
Supporting Singapore's Growing Role as a Gold Hub
All gold backing the LionGlobal Singapore Physical Gold Fund comprises LBMA-accredited gold bars with a minimum fineness of 99.5%, with the bars being individually serialised, segregated and insured.
The successful in-kind redemption highlights the increasing range of options available to investors seeking exposure to gold through Singapore's financial and physical bullion ecosystem. By combining regulated fund access with the potential for physical delivery, the structure seeks to bridge the gap between financial investment and direct ownership of precious metals.
As Singapore continues to develop its position as an international wealth management and precious metals centre, the transaction demonstrates how investment, custody, vaulting and physical delivery infrastructure can work together to support evolving investor demand for gold.
*LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, IS LICENSED TO ICE BENCHMARK ADMINISTRATION LIMITED (IBA) AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE, AND IS USED BY LION GLOBAL INVESTORS LIMITED WITH PERMISSION UNDER LICENCE BY IBA.
Disclaimer – Lion Global Investors Limited
This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. It is for information only, and is not a recommendation, offer or solicitation for the purchase or sale of any capital markets products or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs.
The LionGlobal New Wealth Series II - LionGlobal Singapore Physical Gold Fund (the “Fund”) is not like a typical unit trust offered to the public in Singapore. The Fund comprises both classes of units listed and traded on the Singapore Exchange (“SGX-ST”) and classes of units which are neither listed on the SGX-ST nor any other stock exchange.
An investment in a precious metals fund carries risks of a different nature from other types of collective investment schemes which invest in transferable securities and a precious metals fund may not be suitable for persons who are averse to such risks.
An investment in a precious metals fund is not intended to be a complete investment programme for any investor. As a prospective investor, you should carefully consider whether an investment in a precious metals fund is suitable for you, taking into account, your investment objectives, risk appetite and the potential price movements of precious metals. You are responsible for your own investment choices.
You should read the prospectus and Product Highlights Sheet of the Fund, which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of the appointed Participating Dealers (“PDs”), agents or distributors (as the case may be) for further details including the risk factors and consider if the Fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to purchase units in the Fund. Applications for units in the listed or unlisted classes of the Fund must be made in the manner set out in the prospectus.
Investments in the Fund are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of the Fund is not guaranteed and the value of units in the Fund and the income accruing to the units, if any, may rise or fall. Past performance, payout yields and payments as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance, payout yields and payments of the Fund. Any extraordinary performance may be due to exceptional circumstances which may not be sustainable. Any dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the Fund. There can be no assurance that any of the allocations or holdings presented will remain in the Fund at the time this information is presented. Any information (which includes opinions, estimates, graphs, charts, formulae or devices) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information contained herein and seek professional advice on them. No warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The Fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. The Fund's net asset value may have higher volatility due to its narrower investment focus (primarily in Gold (as defined in the prospectus)), when compared to funds with more diversified portfolios. LGI, its related companies, their directors and/or employees may hold units of the Fund and be engaged in purchasing or selling units of the Fund for themselves or their clients.
Please refer to the Prospectus for further details, including a discussion of certain factors to be considered in connection with an investment in the listed units of the Fund on the SGX-ST.
The listed units of the Fund are listed and traded on the Singapore Exchange (“SGX”), and may be traded at prices different from their net asset value, suspended from trading, or delisted. Such listing does not guarantee a liquid market for the units. You cannot purchase or redeem listed units in the Fund directly with the manager of the Fund, but you may, subject to specific conditions, do so on the SGX or through the PDs.
©2026 Lion Global Investors® Limited (UEN/Registration No. 198601745D). All rights reserved. This publication is issued in Singapore by LGI. LGI is a Singapore incorporated company and is not related to any corporation or trading entity that is domiciled in Europe or the United States (other than entities owned by its holding companies).
Disclaimer - ICE Benchmark Administration Limited
THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR LIONGLOBAL SINGAPORE PHYSICAL GOLD FUND.
LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE AM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY LION GLOBAL INVESTORS LIMITED WITH PERMISSION UNDER LICENCE BY IBA.
IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO LIONGLOBAL SINGAPORE PHYSICAL GOLD FUND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.