Nuvama Private Launches Wealth Management Base in Dubai
This is a major strategy that has been implemented to meet expanding wealth management demand of NRIs and foreign investors by Nuvama Private that has started its operation in the DIFC. It is that increase which will define Nuvama Private, an emerging Indian-based private wealth management company venturing into the Middle East market.
Nuvama Private which is supported by the international private equity fund PAG has been actively operating in the sphere of wealth management in India for more than fifteen years. The establishment of the firm’s DIFC office will position itself to benefit from Dubai and its strong financial infrastructure to target the HNWIS and the UHNWIS in the region. This initiative can be attributed further given the numerous Indians working in Dubai which make part of the city’s upper class.
Services and Offerings
A new office will facilitate the range of wealth management services, investment advisory and distribution of investment products. With this strategy NRIs and the international clients can tap the fast emerging Indian markets whereas the Indian clients who want to diversify internationally have an opportunity. The new office of the DIFC will be managed by a professional namely Vishwajit Patil with over 20years experience in banking and wealth management.
It has managed to maintain the reputation as a preferred destination for global wealth because of its geographical position, favorable for carrying out business and sound infrastructure. HNWI population in the city currently stands at more than 67,900 and this makes it an ideal market for wealth management services. Of all the FTZs identified in this paper, the DIFC for instance has grown to become one of the most competitive international Financial centres with accredited financial institutions and a highly developed legal and regulatory structure.
Nuvama Private’s diversification to Dubai shows the increasing relevance of the city as the greatest capital for wealth management. Nuvama Private has correctly realized that having a base in DIFC will allow the company to better respond to the changing needs of clients and offer them more investment opportunities from both within the region and beyond.