The new joint venture follows after a break up of Centrum’s wealth management joint venture with Kishore Biyani’s Future Capital, according to Economic Times.

The joint venture under the name Commonwealth Centrum Advisors has been registered and is licensed by Hong Kong Monetary Authority and Hong Kong Securities Futures Commission.

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The Economic Times has quoted a top Centrum official as saying that the new venture will cater to the affluent investors and institutions from South East Asian countries as well as the UK.

Commonwealth Centrum Advisors director Alok Nanavaty said that the venture with a capital base of HK$5m will sell Indian investment products in Hong Kong.

"It will also offer investment advisory to investors who are looking for exposure in Indian assets, both in rupee and US dollar terms," Nanavaty added.