Standard Chartered has received in-principle clearance from the International Financial Services Centres Authority to distribute capital market products from Gujarat International Finance Tec-City, or GIFT City, in India.
The decision allows the banking giant to start offering wealth products from the financial centre.
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It plans to introduce its Signature CIO Funds there in the coming weeks, with other wealth offerings expected later.
The Signature CIO Funds consist of four funds linked to the bank’s Chief Investment Office (CIO) investment approach.
They invest across a mix of asset classes, including equities, fixed income, commodities, alternatives and cash.
The funds were launched in 2022 and have gathered more than $5bn in assets under management. They are available in 12 markets, including Standard Chartered’s private banking locations.
Standard Chartered began operations in GIFT City in 2020 as the first foreign bank to do so. It now offers banking services there to corporate and institutional clients.
Standard Chartered wealth solutions, retail products, data & analytics global head Samir Subberwal said: “We are seeing growing demand from affluent clients for internationally diversified portfolios, expert advice and seamless access to opportunities across markets. GIFT City provides a compelling platform to serve these needs, drawing on India’s growing role in global wealth creation and investment flows.
“This approval marks an important step in expanding our wealth capabilities through GIFT City, starting with the launch of our Signature CIO Funds and followed by a broader suite of wealth solutions over time. As a leading international wealth manager, we are well-positioned to connect clients to global investment opportunities through our network, CIO expertise and advisory capabilities.”
