Nuvama Private, the private banking arm of Nuvama Group, an India-based wealth management firm, has expanded its activities to service the Middle East with its office in the DIFC (Dubai International Financial Centre).
Nuvama Private is one of the few Indian private banks allowed to market investment goods and offer advise due to its CAT III C license.
The region’s banks or local External Asset Managers (EAMs) have traditionally offered services to global HNW and UHNW clients, who have had restricted access to the Indian public and private market opportunities that have developed over the past several years.
By using Nuvama, the move gives NRIs and international clients access to one of the most dynamic markets globally. At the same time, Nuvama Private will be able to meet the increasing demands of its Indian clientele, who are seeking to diversify beyond their present investments in India.
Alok Saigal, president & head, Nuvama Private stated: “There is a growing aspirational class of global investors who are looking to participate in the India growth story. Non-Resident Indians (NRIs), a part of this investor set already account for about one quarter of the expatriate population in Dubai. Increasing numbers of these people are UHNW individuals. We intimately understand the needs and persona of the Indian mindset, and their need for all-inclusive and tailored wealth management solutions. And hence would like to be the preferred partner for their private banking needs, for both onshore and offshore solutions.”
Vivek Sharma, head, offshore, Nuvama Private added: “We feel that with the evolution of Indian UHNW families, their needs are becoming global, and we would like to play an integral role in serving both the local and global needs of such families, through our DIFC arm along with our already well-established India practice”
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By GlobalDataMoreover, Nuvama Private has named Vishwajit Patil as senior executive officer (SEO) of Nuvama Private DIFC.
Patil adds substantial experience to the dynamic team, having worked in banking, wealth management, and leadership for over two decades.
