L&T Capital Markets Limited (LTCML), which had been functioning as a representative office in the Dubai International Financial Center (DIFC), said this week it is opening a wealth management services division in Dubai.
The Dubai Financial Services Authority (DFSA) has approved the company's plan to expand its presence in Dubai by elevating LTCML’s license as a representative office to a Category 4 license. The upgrade allows LTCML, a wholly owned subsidiary of India's L&T Finance Holdings Limited, to complete credit and investment deals, offer financial product and services guidance to include equities, debt, structured products and investments in alternate asset classes.
LTCML will be regulated by DFSA and can offer services to high-net individuals (HNI) n the United Arab Emirates bordering 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," L&T Finance Holdings Limited Chairman and Managing Director Y M Deosthalee said. “In the last few years, UAE, particularly Dubai, has emerged as a major financial center 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 CEO Manoj Shenoy said DIFC Branch Senior Executive Officer Bhavnesh Thakkar will maintain leadership of the Dubai operations.
“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,” Shenoy said. “Also, Indians settled outside India have a home bias towards investments and hence, with LTCML's branch in DIFC, we endeavor to cater to such HNIs based in UAE and the neighboring countries.”