India-based L&T Capital Markets Limited (LTCML), a subsidiary of L&T Financial Services has launched its wealth management services division in Dubai, UAE catering to high net worth individuals (HNI) in the GCC.

The firm has been operating in the Dubai International Financial Centre (DIFC) as a Representative Office.

The Dubai Financial Services Authority (DFSA) has now granted an upgrade to its existing license from a Representative Office to a Category 4 license whereby, LTCML, DIFC Branch will be regulated by DFSA to offer wealth management solutions by way of arranging deals in credit and investments.

It will also offer advice on financial products and services, including equities, debt, structured products, investments in alternate asset classes, etc., to HNIs based in the UAE and the neighbouring countries.

“It is the first overseas Branch of L&T Financial Services set via L&T Capital Markets Limited to offer advisory services to the residents of UAE”, said Y M Deosthalee, chairman and managing director, L&T Finance Holdings Limited.

“In the last few years, UAE, particularly Dubai, has emerged as a major financial centre for Wealth Management Services. The large Indian community in the UAE, of an estimated 2.6 million Indians, often struggle to get the right options and right intermediaries to invest in Indian markets be it equities, mutual funds, insurance or any other financial products.

“LTCML with the help of synergy of its ultimate parent company, Larsen & Toubro Limited (L&T) and its group companies, which has its offices across can cater to the HNIs based in the Gulf region,” he added.

Manoj Shenoy, chief executive officer, LTCML, said: “The Indians settled in the UAE account for $15 billion in annual remittances, own more than 40,000 UAE companies and hold investments in the country worth an estimated $55 billion. Also, Indians settled outside India have a home bias towards investments and hence, with LTCML’s branch in DIFC, we endeavour to cater to such HNIs based in UAE and the neighbouring countries.”

Bhavnesh Thakkar, senior executive officer for DIFC branch, who has been instrumental in setting up the office at DIFC, would continue to head the Dubai operations, said Shenoy. – TradeArabia News Service