Reliance Asset Management starts Dubai operationsApril 11th, 2010 - 5:07 pm ICT by IANS
Dubai, April 11 (IANS) Reliance Asset Management (UK) Plc commenced operations from the Dubai International Financial Centre (DIFC) here Sunday to offer a full range of wealth and investment advisory services to investors and international clients in the Arabian Gulf region.
According to a spokesperson, the operations have commenced following a licence issued by the Dubai Financial Services Authority (DFSA).
Reliance Asset Management (UK) Plc is a wholly owned subsidiary of Reliance Capital Asset Management (RCAM), which is India’s largest asset management company and part of the Reliance Anil Dhirubhai Ambani Group.
Part of the Reliance Capital with over 20 million customers, RCAM and its subsidiaries manage over $30 billion across mutual fund, provident fund, pension fund, hedge funds and managed accounts.
“The establishment of Reliance office in DIFC will serve to further cement the strong linkages between the financial sector of India and the UAE,” said Abdulla Mohammed Al Awar, CEO of DIFC Authority.
Awar added that in the past few years the DIFC has sought to enhance relationships with financial services sectors of major emerging Asian markets like India.
“Dubai’s geographical location and its highly 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,” noted Vikrant Gugnani, CEO International Businesses, Reliance Capital Limited.
Welcoming the new entrant, Executive Director of Asset Management, DIFC Authority, Kevin Birkett said that it would add to the diversity of the DIFC business and pool of expertise available within the financial district.
Awar said that DIFC’s world-class regulatory framework, high-quality support services, zero-tax environment and strong links with international financial markets make it the ideal platform for leading Indian companies like Reliance to tap opportunities in the region.
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