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Reliance Capital forays into Dubai with fin advisory biz

Reliance Capital forays into Dubai with fin advisory biz
PTI
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First Published: Sun, Apr 11 2010. 05 11 PM IST
Updated: Sun, Apr 11 2010. 05 11 PM IST
Mumbai: Anil Dhirubhai Ambani Group company Reliance Capital on Sunday said it has made a foray into the Dubai market by commencing financial advisory business in the Gulf nation.
The UK-based subsidiary of Reliance Capital Asset Management has commenced operations in the financial hub of the Middle East after receiving licence from the Dubai Financial Services Authority, the ADAG firm said in a statement.
Reliance Asset Management Plc (UK) will provide full range of wealth and investment advisory services to professional investors and institutional clients in the region, the company said.
“Dubai’s geographical location and its dynamic business environment are ideal for our international presence. Our decision to open office in DIFC will help us accelerate and tap the vast business potential present in the region,” Reliance Capital CEO (International Businesses) Vikrant Gugnani said.
The wealth management and advisory services would be launched under the brand name of Reliance Wealth Management.
“... we seek to harness the financial advisory expertise of our parent to offer bespoke fair priced wealth advisory solutions to professional investors in the region,” Reliance Dubai’s Business Head R M Sriram said.
The company has commenced operations from the Dubai International Financial Centre (DIFC), an onshore financial hub of the Gulf region.
DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange.
“The establishment of Reliance office in DIFC will serve to further cement the strong linkages between the financial sectors of India and the UAE,” Abdulla Mohammed Al Awar, CEO of the DIFC Authority, said.
Reliance Capital Asset Management is a part of Reliance Capital, one of the largest financial services firms in the country with interests in asset management and mutual funds, insurance, depository services among others.
DIFC is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
“With its vast experience in providing financial services, it will add to the diversity of DIFC business cluster and the pool of expertise available within the financial district,” Kevin Birkett, executive director of Asset Management, DIFC Authority, said.
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First Published: Sun, Apr 11 2010. 05 11 PM IST