L&T Capital Markets (LTCML), a subsidiary of L&T Financial Services, has launched its wealth management services unit in Dubai following the receipt of Category 4 license from the Dubai Financial Services Authority (DFSA).

The firm, which has been operating in the Dubai International Financial Centre (DIFC) as a representative office, will now be regulated by DFSA.

The company will now offer wealth management solutions by way of arranging deals in credit and investments, providing advice on financial products and services to the high¬-net-worth (HNW) individuals based in the UAE and the neighboring nations.

L&T Finance Holdings chairman and managing director Y M Deosthalee said: "It is the first overseas Branch of L&T Financial Services set via L&T Capital Markets Limited (‘LTCML’) to offer advisory services to the residents of UAE. 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."

LTCML CEO Manoj Shenoy said: "The Indians settled in the UAE account for US$15 billion in annual remittances, own more than 40,000 UAE companies and hold investments in the country worth an estimated US$55 billion."

Shenoy added that the Dubai operations will be led by Bhavnesh Thakkar, senior executive officer for DIFC branch, who has been instrumental in establishing the office at DIFC.