Nuvama Private Launches DIFC Office to Serve Global Indian Community

Business

Nuvama Private Launches DIFC Office to Serve Global Indian Community

Nuvama Private, the Private Banking arm of Nuvama Group, one of India’s largest listed wealth management firms, has announced the launch of its operations in the Dubai International Financial Centre (DIFC). Backed by the global Private Equity Fund PAG, Nuvama Group boasts a market capitalization of over US $2.5 billion as of 5th August 2024.

With a business history spanning over 15 years, Nuvama Private serves a clientele comprising Ultra High Net Worth Individuals (UHNWs), Family Offices, Entrepreneurs, CXOs, and Professional Investors. The new DIFC office, equipped with a CAT III C license, positions Nuvama Private among a select few Indian private banks authorized to provide advisory services and distribute investment products in the region.

Traditionally, Global HNW and UHNW clients in the Middle East have relied on local banks or External Asset Managers (EAMs) for their financial needs. Nuvama Private's entry into the DIFC offers these clients enhanced access to the rapidly growing Indian public and private market opportunities. Concurrently, it allows Nuvama Private to cater to Indian clients seeking to diversify their investments beyond India.

Alok Saigal, President & Head of Nuvama Private, stated, “There is a growing aspirational class of global investors eager to participate in the India growth story. Non-Resident Indians (NRIs), who make up about a quarter of Dubai’s expatriate population, are an integral part of this investor group, with many being UHNW individuals. We understand their needs and are committed to providing all-inclusive, tailored wealth management solutions, both onshore and offshore.”

Vivek Sharma, Head of Offshore at Nuvama Private, added, “The evolving needs of Indian UHNW families are becoming increasingly global. Our DIFC arm, along with our well-established India practice, is poised to serve these needs comprehensively.”

Vishwajit Patil has been appointed as the Senior Executive Officer (SEO) for Nuvama Private DIFC. Patil brings over 20 years of extensive experience in banking, wealth management, and leadership to the team.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, commented, “We congratulate Nuvama on opening their DIFC office and thank them for choosing DIFC as their regional base. Dubai, with its high concentration of wealth and significant non-resident Indian population, provides a strategic advantage for Nuvama. We look forward to supporting Nuvama in achieving their growth aspirations from the region’s leading global financial centre.”