| 11 Apr 2010 |
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Reliance Asset Management Commences Advisory Operations from DIFC
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(DIFCDIFC) after receiving a license from the Dubai Financial Services AuthorityDubai Financial Services Authority (DFSADFSA). It will provide full range of wealth and investment advisory services to professional investors and institutional clients in the region.Reliance Asset Management (U.K.) Plc - is a wholly owned subsidiary of Reliance Capital Asset Management (RCAM), which is India’s largest asset management company. RCAM and its subsidiaries manage over USD 30 billion across mutual fund, provident fund, pension fund, managed accounts and hedge funds. RCAM is part of Reliance Capital, one of India’s largest financial services companies with over 20 million customers.Abdulla Mohammed Al Awar, CEO of the DIFC AuthorityDIFC Authority
said: "The establishment of Reliance office in DIFCDIFC will serve to further cement the strong linkages between the financial sectors of India and the UAE. Over the past few years, we have sought to enhance our relationships with the financial services sectors of major emerging Asian markets like India. DIFCDIFC's world-class regulatory framework, high-quality support services, zero-tax environment and strong links with international financial markets make it the ideal platform for leading Indian companies like Reliance to tap opportunities in the region."Kevin Birkett, Executive Director of Asset Management, DIFC AuthorityDIFC Authority said: "We are very happy to welcome Reliance wealth management, a part of India’s leading and fastest growing private sector financial services companies to the DIFCDIFC community. With its vast experience in providing financial services, it will add to the diversity of the DIFCDIFC business cluster and the pool of expertise available within the financial district. We look forward to supporting Reliance in running its operations in DIFCDIFC and in its effort to grow its business in the region."Vikrant Gugnani, CEO International Businesses, Reliance Capital Limited said: "Dubai’s geographical location and its highly dynamic business environment are ideal for our international presence. Our decision to open office in DIFCDIFC will help us accelerate and tap the vast business potential present in the region. © Copyright Emirates News Agency (WAM) 2010.
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