Dubai: Reliance Asset Management (UK), has commenced operations from the Dubai International Financial Centre after receiving a licence from the Dubai Financial Services Authority (DFSA). It will provide the full range of wealth and investment advisory services to professional investors and institutional clients in the region, it said in a statement.
The company is a wholly owned subsidiary of Reliance Capital Asset Management (RCAM), which is India's largest asset management company.
RCAM and its subsidiaries manage over $30 billion (Dh110 billion) across mutual funds, provident funds, pension funds, managed accounts and hedge funds. RCAM is part of Reliance Capital, one of India's largest financial services companies. "The establishment of Reliance office in DIFC will serve to further cement the strong linkages between the financial sectors of India and the UAE," Abdullah Mohammad Al Awar, CEO of the DIFC Authority, said in the statement. "Over the past few years, we have sought to enhance our relationships with the financial services sectors of major emerging Asian markets like India. 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." Vikrant Gugnani, CEO of International Businesses at Reliance Capital added: "Dubai's geographical location and its highly dynamic business environment are ideal for our international presence."
